{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/Users/genovesefederica/Dropbox/bailouts/Submissions/II Final/GenoveseHermidaRivera_ii_replication/GenoveseHermidaRivera_analysis.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}13 May 2022, 11:52:58

{com}. do "/var/folders/qf/3y4xjp3106ng1qs20lz3xmg00000gn/T//SD30537.000000"
{txt}
{com}. *******************************************************
. *  Government Ideology and Bailout Conditionality     *
. *  in the European Financial Crisis                   *  
. *                                                     *
. *  Genovese (fgenov@essex.ac.uk) and Hermida-Rivera   * 
. *                                                     *        
. *  This Version: May 12, 2022                         *          
. *  Code run in Stata 13                               *
. *******************************************************
. 
. clear all
{txt}
{com}. 
. * Set a working directory, install graph package "blindschemes" and open the main dataframe
. * ssc install blindschemes
. 
. set scheme plottig
{txt}
{com}. 
. * set seed for clarify simulations
. set seed 98034
{txt}
{com}. 
. 
. cd "/Users/genovesefederica/Dropbox/bailouts/Submissions/II Final/GenoveseHermidaRivera_ii_replication/"
{res}/Users/genovesefederica/Dropbox/bailouts/Submissions/II Final/GenoveseHermidaRivera_ii_replication
{txt}
{com}. 
. use "GenoveseHermidaRivera_dataset.dta", clear
{txt}
{com}. 
. xtset country_id quarter_id
{res}{txt}{col 8}panel variable:  {res}country_id (strongly balanced)
{txt}{col 9}time variable:  {res}{col 25}quarter_id, 1 to 36
{txt}{col 17}delta:  {res}1 unit
{txt}
{com}. set more off
{txt}
{com}. 
. gen A_government_partisanship = l2.government_partisanship
{txt}(16 missing values generated)

{com}. gen B_government_partisanship = l2.dpi_execrlc
{txt}(16 missing values generated)

{com}. gen M_sovereign_debt = d.l4.sovereign_debt
{txt}(40 missing values generated)

{com}. gen M_bop = d.l4.bop
{txt}(64 missing values generated)

{com}. gen M_sovereign_interest_rate = d.l4.sovereign_interest_rate
{txt}(40 missing values generated)

{com}. gen quarter_id_sq = c.quarter_id#c.quarter_id
{txt}
{com}. global xvar "A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate"
{txt}
{com}. global x2var "B_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate"
{txt}
{com}. 
. label variable A_government_partisanship "Government Partisanship (L-R)"
{txt}
{com}. label variable M_sovereign_debt "Public Debt (t-4)"
{txt}
{com}. label variable M_bop "Balance of Payments (t-4)"
{txt}
{com}. label variable M_sovereign_interest_rate "Interest Rate (t-4)"
{txt}
{com}. label variable quarter_id "Time Spline"
{txt}
{com}. label variable quarter_id_sq "Quadratic Time Spline"
{txt}
{com}. label variable financial_conditions "main"
{txt}
{com}. label variable pub_labour_conditions "main"
{txt}
{com}. label variable nonpub_labour_conditions "main"
{txt}
{com}. 
. * Table 2 - summary statistics
. xtsum  financial_conditions pub_labour_conditions nonpub_labour_conditions sum_conditions ///
>         government_partisanship sovereign_debt bop sovereign_interest_rate

{txt}Variable         {c |}      Mean   Std. Dev.       Min        Max {c |}    Observations
{hline 17}{c +}{hline 44}{c +}{hline 16}
financ~s{col 10}overall {c |} {res} .8263889   1.999407          0         16{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res} .3407734   .3888889   1.333333{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} 1.973744  -.5069444   15.96528{txt} {c |}     T =      36
{col 18}{c |}{col 63}{c |}
pub_la~s{col 10}overall {c |} {res} .2708333   .7894668          0          6{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res} .2406771          0   .6666667{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} .7565689  -.3958333   5.604167{txt} {c |}     T =      36
{col 18}{c |}{col 63}{c |}
nonpub~s{col 10}overall {c |} {res} .6180556   1.755019          0         14{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res}  .585267          0   1.888889{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} 1.667131  -1.270833   12.72917{txt} {c |}     T =      36
{col 18}{c |}{col 63}{c |}
sum_co~s{col 10}overall {c |} {res} 6.225694   15.19723          0        116{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res} 5.517937   .8611111   14.77778{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res}  14.2906  -8.552083   107.4479{txt} {c |}     T =      36
{col 18}{c |}{col 63}{c |}
govern~p{col 10}overall {c |} {res} 5.401736   1.707505        1.1        8.4{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res} .8851259   4.211111      7.175{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} 1.492537   2.290625   9.590625{txt} {c |}     T =      36
{col 18}{c |}{col 63}{c |}
sovere~t{col 10}overall {c |} {res} 76.42014   41.58229        8.2      181.8{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res} 37.32963       28.4   145.2194{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} 22.48388   16.76181   118.3618{txt} {c |}     T =      36
{col 18}{c |}{col 63}{c |}
bop{col 10}overall {c |} {res}-3.752586   7.297725      -37.4       16.3{txt} {c |}{col 69}N =     232
{col 10}between {c |}{col 31}{res}  3.32829  -8.534483   .6172414{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} 6.597121   -32.6181   17.43362{txt} {c |}     T =      29
{col 18}{c |}{col 63}{c |}
sovere~e{col 10}overall {c |} {res} 6.122917   3.365188         .8       25.4{txt} {c |}{col 69}N =     288
{col 10}between {c |}{col 31}{res}  1.73359   4.141667   9.827778{txt} {c |}{col 69}n =       8
{col 10}within  {c |}{col 31}{res} 2.947144    .595139   21.69514{txt} {c |}     T =      36

{com}. 
. * Figure 1 - Financial conditions across countries and time
. xtline financial_conditions if quarter_id>3, ov ///
>         legend(label(1 "Ireland") label(2 "Greece") ///
>         label(3 "Spain") label(4 "Cyprus") label(5 "Latvia") label(6 "Hungary") ///
>         label(7 "Portugal") label(8 "Romania")) ///
>         plot2opts(lp(dash)) plot3opts(lp(dash_dot)) plot7opts(lp(longdash)) plot8opts(lp(shortdash)) ///
>         xtitle("Quarter") ytitle("Bailout Conditionality: Financial Conditions") ///
>         xlabel(0 "Q42007" 10 "Q42009" 20 "Q42011" 30 "Q42013" 40 "Q42015")
{res}{txt}
{com}. 
. * Figure 2 - Public Sector Labour conditions across countries and time
. xtline pub_labour_conditions if quarter_id>3, ov legend(label(1 "Ireland") label(2 "Greece") ///
>         label(3 "Spain") label(4 "Cyprus") label(5 "Latvia") label(6 "Hungary") ///
>         label(7 "Portugal") label(8 "Romania")) ///
>         plot2opts(lp(dash)) plot3opts(lp(dash_dot)) plot7opts(lp(longdash)) plot8opts(lp(shortdash)) ///
>         xtitle("Quarter") ytitle("Bailout Conditionality: Public Sector Labour Conditions") ///
>         xlabel(0 "Q42007" 10 "Q42009" 20 "Q42011" 30 "Q42013" 40 "Q42015")
{res}{txt}
{com}. 
. * Table 3 -  ZINB models with country-clustered SE (argaining period at the inflation stage)
. tab ongoing_bailout

{txt}ongoing_bai {c |}
       lout {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
          0 {c |}{res}        174       60.42       60.42
{txt}          1 {c |}{res}        114       39.58      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}        288      100.00
{txt}
{com}. tab true_zeroes

{txt}true_zeroes {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
          0 {c |}{res}        271       94.10       94.10
{txt}          1 {c |}{res}         17        5.90      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}        288      100.00
{txt}
{com}. 
. eststo m1:  zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res} -184.568                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1560646{col 39}{space 2} .0301283{col 50}{space 1}   -5.18{col 59}{space 3}0.000{col 67}{space 4}-.2151149{col 80}{space 3}-.0970144
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .012937{col 39}{space 2} .0123153{col 50}{space 1}    1.05{col 59}{space 3}0.293{col 67}{space 4}-.0112005{col 80}{space 3} .0370745
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0026449{col 39}{space 2}  .008838{col 50}{space 1}   -0.30{col 59}{space 3}0.765{col 67}{space 4} -.019967{col 80}{space 3} .0146771
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} -.051074{col 39}{space 2} .0750269{col 50}{space 1}   -0.68{col 59}{space 3}0.496{col 67}{space 4}-.1981241{col 80}{space 3}  .095976
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.043017{col 39}{space 2} .1420915{col 50}{space 1}   -7.34{col 59}{space 3}0.000{col 67}{space 4}-1.321511{col 80}{space 3}-.7645223
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.350052{col 39}{space 2} .0894715{col 50}{space 1}   15.09{col 59}{space 3}0.000{col 67}{space 4} 1.174691{col 80}{space 3} 1.525412
{txt}{space 23}4  {c |}{col 27}{res}{space 2}  1.26119{col 39}{space 2}  .218365{col 50}{space 1}    5.78{col 59}{space 3}0.000{col 67}{space 4} .8332021{col 80}{space 3} 1.689177
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5633049{col 39}{space 2} .2185604{col 50}{space 1}   -2.58{col 59}{space 3}0.010{col 67}{space 4}-.9916754{col 80}{space 3}-.1349344
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.259015{col 39}{space 2} .4218457{col 50}{space 1}   -2.98{col 59}{space 3}0.003{col 67}{space 4}-2.085818{col 80}{space 3} -.432213
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6938657{col 39}{space 2} .0860114{col 50}{space 1}   -8.07{col 59}{space 3}0.000{col 67}{space 4}-.8624451{col 80}{space 3}-.5252864
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3221285{col 39}{space 2} .0855869{col 50}{space 1}   -3.76{col 59}{space 3}0.000{col 67}{space 4}-.4898758{col 80}{space 3}-.1543812
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2254497{col 39}{space 2} .1421338{col 50}{space 1}    1.59{col 59}{space 3}0.113{col 67}{space 4}-.0531275{col 80}{space 3} .5040268
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0077878{col 39}{space 2} .0031364{col 50}{space 1}   -2.48{col 59}{space 3}0.013{col 67}{space 4}-.0139351{col 80}{space 3}-.0016406
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .9843598{col 39}{space 2} 1.704386{col 50}{space 1}    0.58{col 59}{space 3}0.564{col 67}{space 4}-2.356176{col 80}{space 3} 4.324895
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.797721{col 39}{space 2} .9963096{col 50}{space 1}   -5.82{col 59}{space 3}0.000{col 67}{space 4}-7.750452{col 80}{space 3} -3.84499
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.511058{col 39}{space 2}  1.05125{col 50}{space 1}    4.29{col 59}{space 3}0.000{col 67}{space 4} 2.450645{col 80}{space 3} 6.571471
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-3.927664{col 39}{space 2} 2.600512{col 50}{space 1}   -1.51{col 59}{space 3}0.131{col 67}{space 4}-9.024573{col 80}{space 3} 1.169246
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0196896{col 39}{space 2} .0512031{col 67}{space 4} .0001204{col 80}{space 3} 3.219563
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-105.1648                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3785008{col 39}{space 2}  .068192{col 50}{space 1}    5.55{col 59}{space 3}0.000{col 67}{space 4}  .244847{col 80}{space 3} .5121546
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0315459{col 39}{space 2} .0301209{col 50}{space 1}    1.05{col 59}{space 3}0.295{col 67}{space 4}-.0274899{col 80}{space 3} .0905818
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0313049{col 39}{space 2} .0250556{col 50}{space 1}    1.25{col 59}{space 3}0.212{col 67}{space 4}-.0178032{col 80}{space 3} .0804131
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .078334{col 39}{space 2} .1325132{col 50}{space 1}    0.59{col 59}{space 3}0.554{col 67}{space 4}-.1813871{col 80}{space 3}  .338055
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .7079405{col 39}{space 2} .1358954{col 50}{space 1}    5.21{col 59}{space 3}0.000{col 67}{space 4} .4415904{col 80}{space 3} .9742907
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.47444{col 39}{space 2} 1.100737{col 50}{space 1}  -15.88{col 59}{space 3}0.000{col 67}{space 4}-19.63185{col 80}{space 3}-15.31704
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.270483{col 39}{space 2}  1.01939{col 50}{space 1}    3.21{col 59}{space 3}0.001{col 67}{space 4} 1.272515{col 80}{space 3} 5.268452
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1933378{col 39}{space 2} .2118169{col 50}{space 1}    0.91{col 59}{space 3}0.361{col 67}{space 4}-.2218157{col 80}{space 3} .6084913
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0092083{col 39}{space 2}  .253076{col 50}{space 1}   -0.04{col 59}{space 3}0.971{col 67}{space 4}-.5052283{col 80}{space 3} .4868116
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5990991{col 39}{space 2} .1213532{col 50}{space 1}    4.94{col 59}{space 3}0.000{col 67}{space 4} .3612512{col 80}{space 3}  .836947
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.589524{col 39}{space 2} .2050127{col 50}{space 1}    7.75{col 59}{space 3}0.000{col 67}{space 4} 1.187706{col 80}{space 3} 1.991341
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5761352{col 39}{space 2} .2295408{col 50}{space 1}    2.51{col 59}{space 3}0.012{col 67}{space 4} .1262435{col 80}{space 3} 1.026027
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0188708{col 39}{space 2}  .006633{col 50}{space 1}   -2.84{col 59}{space 3}0.004{col 67}{space 4}-.0318711{col 80}{space 3}-.0058704
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.877298{col 39}{space 2} 2.092942{col 50}{space 1}   -3.29{col 59}{space 3}0.001{col 67}{space 4}-10.97939{col 80}{space 3}-2.775207
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.685637{col 39}{space 2} .8749401{col 50}{space 1}   -5.36{col 59}{space 3}0.000{col 67}{space 4}-6.400488{col 80}{space 3}-2.970786
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.954458{col 39}{space 2} 1.264052{col 50}{space 1}    2.34{col 59}{space 3}0.019{col 67}{space 4} .4769612{col 80}{space 3} 5.431955
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -13.5708{col 39}{space 2} 2.203015{col 50}{space 1}   -6.16{col 59}{space 3}0.000{col 67}{space 4}-17.88863{col 80}{space 3}-9.252967
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.28e-06{col 39}{space 2} 2.81e-06{col 67}{space 4} 1.70e-08{col 80}{space 3} .0000958
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m3 :  zinb nonpub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       58
                                                  {txt}Zero obs        =  {res}      166

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res} -168.343                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1} nonpub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}nonpub_labour_conditions  {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1195815{col 39}{space 2} .1492419{col 50}{space 1}   -0.80{col 59}{space 3}0.423{col 67}{space 4}-.4120903{col 80}{space 3} .1729273
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0354302{col 39}{space 2} .0215017{col 50}{space 1}    1.65{col 59}{space 3}0.099{col 67}{space 4}-.0067122{col 80}{space 3} .0775727
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0120391{col 39}{space 2} .0084677{col 50}{space 1}   -1.42{col 59}{space 3}0.155{col 67}{space 4}-.0286355{col 80}{space 3} .0045573
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1349862{col 39}{space 2} .0617317{col 50}{space 1}    2.19{col 59}{space 3}0.029{col 67}{space 4} .0139943{col 80}{space 3} .2559781
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .9339249{col 39}{space 2} .1237483{col 50}{space 1}    7.55{col 59}{space 3}0.000{col 67}{space 4} .6913827{col 80}{space 3} 1.176467
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-15.19457{col 39}{space 2} 1.122962{col 50}{space 1}  -13.53{col 59}{space 3}0.000{col 67}{space 4}-17.39553{col 80}{space 3} -12.9936
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.577949{col 39}{space 2} .6418487{col 50}{space 1}    2.46{col 59}{space 3}0.014{col 67}{space 4} .3199484{col 80}{space 3} 2.835949
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .0112905{col 39}{space 2} .2959087{col 50}{space 1}    0.04{col 59}{space 3}0.970{col 67}{space 4}  -.56868{col 80}{space 3} .5912609
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.5764265{col 39}{space 2} .4501247{col 50}{space 1}   -1.28{col 59}{space 3}0.200{col 67}{space 4}-1.458655{col 80}{space 3} .3058017
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .4271654{col 39}{space 2}  .167807{col 50}{space 1}    2.55{col 59}{space 3}0.011{col 67}{space 4} .0982698{col 80}{space 3}  .756061
{txt}{space 23}8  {c |}{col 27}{res}{space 2} .4578895{col 39}{space 2} .2493287{col 50}{space 1}    1.84{col 59}{space 3}0.066{col 67}{space 4}-.0307858{col 80}{space 3} .9465648
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3554817{col 39}{space 2} .1637406{col 50}{space 1}    2.17{col 59}{space 3}0.030{col 67}{space 4} .0345561{col 80}{space 3} .6764074
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0105989{col 39}{space 2} .0046642{col 50}{space 1}   -2.27{col 59}{space 3}0.023{col 67}{space 4}-.0197406{col 80}{space 3}-.0014572
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-1.746589{col 39}{space 2} 1.786648{col 50}{space 1}   -0.98{col 59}{space 3}0.328{col 67}{space 4}-5.248355{col 80}{space 3} 1.755178
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.585561{col 39}{space 2} 1.095445{col 50}{space 1}   -4.19{col 59}{space 3}0.000{col 67}{space 4}-6.732593{col 80}{space 3}-2.438529
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 3.307848{col 39}{space 2} 1.144842{col 50}{space 1}    2.89{col 59}{space 3}0.004{col 67}{space 4} 1.063999{col 80}{space 3} 5.551697
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-1.217205{col 39}{space 2} .7199681{col 50}{space 1}   -1.69{col 59}{space 3}0.091{col 67}{space 4}-2.628316{col 80}{space 3} .1939068
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .2960566{col 39}{space 2} .2131513{col 67}{space 4} .0721999{col 80}{space 3} 1.213983
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m4:  zinb sum_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       98
                                                  {txt}Zero obs        =  {res}      126

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-396.6062                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           sum_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}sum_conditions            {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.2803583{col 39}{space 2} .1522913{col 50}{space 1}   -1.84{col 59}{space 3}0.066{col 67}{space 4}-.5788437{col 80}{space 3} .0181271
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0194503{col 39}{space 2}  .012065{col 50}{space 1}    1.61{col 59}{space 3}0.107{col 67}{space 4}-.0041967{col 80}{space 3} .0430972
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0325219{col 39}{space 2} .0130347{col 50}{space 1}   -2.50{col 59}{space 3}0.013{col 67}{space 4}-.0580694{col 80}{space 3}-.0069744
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .132356{col 39}{space 2} .0270092{col 50}{space 1}    4.90{col 59}{space 3}0.000{col 67}{space 4}  .079419{col 80}{space 3}  .185293
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}  .934645{col 39}{space 2} .0518455{col 50}{space 1}   18.03{col 59}{space 3}0.000{col 67}{space 4} .8330296{col 80}{space 3}  1.03626
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .6443529{col 39}{space 2} .2768173{col 50}{space 1}    2.33{col 59}{space 3}0.020{col 67}{space 4} .1018009{col 80}{space 3} 1.186905
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.319955{col 39}{space 2} .3040683{col 50}{space 1}    7.63{col 59}{space 3}0.000{col 67}{space 4} 1.723992{col 80}{space 3} 2.915918
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .7024594{col 39}{space 2} .3920645{col 50}{space 1}    1.79{col 59}{space 3}0.073{col 67}{space 4} -.065973{col 80}{space 3} 1.470892
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.6848967{col 39}{space 2} .5314691{col 50}{space 1}   -1.29{col 59}{space 3}0.198{col 67}{space 4}-1.726557{col 80}{space 3} .3567637
{txt}{space 23}7  {c |}{col 27}{res}{space 2} 1.011837{col 39}{space 2} .0924909{col 50}{space 1}   10.94{col 59}{space 3}0.000{col 67}{space 4} .8305578{col 80}{space 3} 1.193116
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.463779{col 39}{space 2} .2231053{col 50}{space 1}    6.56{col 59}{space 3}0.000{col 67}{space 4} 1.026501{col 80}{space 3} 1.901058
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4616391{col 39}{space 2} .1205691{col 50}{space 1}    3.83{col 59}{space 3}0.000{col 67}{space 4} .2253279{col 80}{space 3} .6979503
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0136418{col 39}{space 2} .0022716{col 50}{space 1}   -6.01{col 59}{space 3}0.000{col 67}{space 4} -.018094{col 80}{space 3}-.0091896
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .0484001{col 39}{space 2} 1.583634{col 50}{space 1}    0.03{col 59}{space 3}0.976{col 67}{space 4}-3.055466{col 80}{space 3} 3.152266
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.838059{col 39}{space 2} 1.048617{col 50}{space 1}   -4.61{col 59}{space 3}0.000{col 67}{space 4} -6.89331{col 80}{space 3}-2.782808
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.583186{col 39}{space 2} .9455565{col 50}{space 1}    2.73{col 59}{space 3}0.006{col 67}{space 4} .7299292{col 80}{space 3} 4.436442
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-.6856992{col 39}{space 2} .2217872{col 50}{space 1}   -3.09{col 59}{space 3}0.002{col 67}{space 4}-1.120394{col 80}{space 3}-.2510042
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .5037379{col 39}{space 2} .1117226{col 67}{space 4} .3261512{col 80}{space 3} .7780191
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 m3 m4, star(* 0.05 ** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 72}
{txt}                      (1)            (2)            (3)            (4)  
{txt}             financial_~s   pub_labour~s   nonpub_lab~s   sum_condit~s  
{txt}{hline 72}
{res}main                                                                    {txt}
{txt}A_governme~p{res}       -0.156**        0.379**       -0.120         -0.280  {txt}
            {res} {ralign 12:{txt:(}0.0301{txt:)}}   {ralign 12:{txt:(}0.0682{txt:)}}   {ralign 12:{txt:(}0.149{txt:)}}   {ralign 12:{txt:(}0.152{txt:)}}  {txt}

{txt}M_sovereig~t{res}       0.0129         0.0315         0.0354         0.0195  {txt}
            {res} {ralign 12:{txt:(}0.0123{txt:)}}   {ralign 12:{txt:(}0.0301{txt:)}}   {ralign 12:{txt:(}0.0215{txt:)}}   {ralign 12:{txt:(}0.0121{txt:)}}  {txt}

{txt}M_bop       {res}     -0.00264         0.0313        -0.0120        -0.0325* {txt}
            {res} {ralign 12:{txt:(}0.00884{txt:)}}   {ralign 12:{txt:(}0.0251{txt:)}}   {ralign 12:{txt:(}0.00847{txt:)}}   {ralign 12:{txt:(}0.0130{txt:)}}  {txt}

{txt}M_sovereig~e{res}      -0.0511         0.0783          0.135*         0.132**{txt}
            {res} {ralign 12:{txt:(}0.0750{txt:)}}   {ralign 12:{txt:(}0.133{txt:)}}   {ralign 12:{txt:(}0.0617{txt:)}}   {ralign 12:{txt:(}0.0270{txt:)}}  {txt}

{txt}1.country_id{res}            0              0              0              0  {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}  {txt}

{txt}2.country_id{res}       -1.043**        0.708**        0.934**        0.935**{txt}
            {res} {ralign 12:{txt:(}0.142{txt:)}}   {ralign 12:{txt:(}0.136{txt:)}}   {ralign 12:{txt:(}0.124{txt:)}}   {ralign 12:{txt:(}0.0518{txt:)}}  {txt}

{txt}3.country_id{res}        1.350**       -17.47**       -15.19**        0.644* {txt}
            {res} {ralign 12:{txt:(}0.0895{txt:)}}   {ralign 12:{txt:(}1.101{txt:)}}   {ralign 12:{txt:(}1.123{txt:)}}   {ralign 12:{txt:(}0.277{txt:)}}  {txt}

{txt}4.country_id{res}        1.261**        3.270**        1.578*         2.320**{txt}
            {res} {ralign 12:{txt:(}0.218{txt:)}}   {ralign 12:{txt:(}1.019{txt:)}}   {ralign 12:{txt:(}0.642{txt:)}}   {ralign 12:{txt:(}0.304{txt:)}}  {txt}

{txt}5.country_id{res}       -0.563**        0.193         0.0113          0.702  {txt}
            {res} {ralign 12:{txt:(}0.219{txt:)}}   {ralign 12:{txt:(}0.212{txt:)}}   {ralign 12:{txt:(}0.296{txt:)}}   {ralign 12:{txt:(}0.392{txt:)}}  {txt}

{txt}6.country_id{res}       -1.259**     -0.00921         -0.576         -0.685  {txt}
            {res} {ralign 12:{txt:(}0.422{txt:)}}   {ralign 12:{txt:(}0.253{txt:)}}   {ralign 12:{txt:(}0.450{txt:)}}   {ralign 12:{txt:(}0.531{txt:)}}  {txt}

{txt}7.country_id{res}       -0.694**        0.599**        0.427*         1.012**{txt}
            {res} {ralign 12:{txt:(}0.0860{txt:)}}   {ralign 12:{txt:(}0.121{txt:)}}   {ralign 12:{txt:(}0.168{txt:)}}   {ralign 12:{txt:(}0.0925{txt:)}}  {txt}

{txt}8.country_id{res}       -0.322**        1.590**        0.458          1.464**{txt}
            {res} {ralign 12:{txt:(}0.0856{txt:)}}   {ralign 12:{txt:(}0.205{txt:)}}   {ralign 12:{txt:(}0.249{txt:)}}   {ralign 12:{txt:(}0.223{txt:)}}  {txt}

{txt}quarter_id  {res}        0.225          0.576*         0.355*         0.462**{txt}
            {res} {ralign 12:{txt:(}0.142{txt:)}}   {ralign 12:{txt:(}0.230{txt:)}}   {ralign 12:{txt:(}0.164{txt:)}}   {ralign 12:{txt:(}0.121{txt:)}}  {txt}

{txt}quarter_id~q{res}     -0.00779*       -0.0189**      -0.0106*       -0.0136**{txt}
            {res} {ralign 12:{txt:(}0.00314{txt:)}}   {ralign 12:{txt:(}0.00663{txt:)}}   {ralign 12:{txt:(}0.00466{txt:)}}   {ralign 12:{txt:(}0.00227{txt:)}}  {txt}

{txt}_cons       {res}        0.984         -6.877**       -1.747         0.0484  {txt}
            {res} {ralign 12:{txt:(}1.704{txt:)}}   {ralign 12:{txt:(}2.093{txt:)}}   {ralign 12:{txt:(}1.787{txt:)}}   {ralign 12:{txt:(}1.584{txt:)}}  {txt}
{hline 72}
{res}inflate                                                                 {txt}
{txt}ongoing_ba~t{res}       -5.798**       -4.686**       -4.586**       -4.838**{txt}
            {res} {ralign 12:{txt:(}0.996{txt:)}}   {ralign 12:{txt:(}0.875{txt:)}}   {ralign 12:{txt:(}1.095{txt:)}}   {ralign 12:{txt:(}1.049{txt:)}}  {txt}

{txt}_cons       {res}        4.511**        2.954*         3.308**        2.583**{txt}
            {res} {ralign 12:{txt:(}1.051{txt:)}}   {ralign 12:{txt:(}1.264{txt:)}}   {ralign 12:{txt:(}1.145{txt:)}}   {ralign 12:{txt:(}0.946{txt:)}}  {txt}
{hline 72}
{res}lnalpha                                                                 {txt}
{txt}_cons       {res}       -3.928         -13.57**       -1.217         -0.686**{txt}
            {res} {ralign 12:{txt:(}2.601{txt:)}}   {ralign 12:{txt:(}2.203{txt:)}}   {ralign 12:{txt:(}0.720{txt:)}}   {ralign 12:{txt:(}0.222{txt:)}}  {txt}
{txt}{hline 72}
{txt}aic         {res}        383.1          226.3          352.7          807.2  {txt}
{txt}N           {res}          224            224            224            224  {txt}
{txt}N_zero      {res}          154            181            166            126  {txt}
{txt}N_clust     {res}            8              8              8              8  {txt}
{txt}{hline 72}
{txt}Standard errors in parentheses
{txt}* p<0.05, ** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Figure 3 - margin plots
. 
. * Finance conditions 
. zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res} -184.568                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1560646{col 39}{space 2} .0301283{col 50}{space 1}   -5.18{col 59}{space 3}0.000{col 67}{space 4}-.2151149{col 80}{space 3}-.0970144
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .012937{col 39}{space 2} .0123153{col 50}{space 1}    1.05{col 59}{space 3}0.293{col 67}{space 4}-.0112005{col 80}{space 3} .0370745
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0026449{col 39}{space 2}  .008838{col 50}{space 1}   -0.30{col 59}{space 3}0.765{col 67}{space 4} -.019967{col 80}{space 3} .0146771
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} -.051074{col 39}{space 2} .0750269{col 50}{space 1}   -0.68{col 59}{space 3}0.496{col 67}{space 4}-.1981241{col 80}{space 3}  .095976
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.043017{col 39}{space 2} .1420915{col 50}{space 1}   -7.34{col 59}{space 3}0.000{col 67}{space 4}-1.321511{col 80}{space 3}-.7645223
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.350052{col 39}{space 2} .0894715{col 50}{space 1}   15.09{col 59}{space 3}0.000{col 67}{space 4} 1.174691{col 80}{space 3} 1.525412
{txt}{space 23}4  {c |}{col 27}{res}{space 2}  1.26119{col 39}{space 2}  .218365{col 50}{space 1}    5.78{col 59}{space 3}0.000{col 67}{space 4} .8332021{col 80}{space 3} 1.689177
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5633049{col 39}{space 2} .2185604{col 50}{space 1}   -2.58{col 59}{space 3}0.010{col 67}{space 4}-.9916754{col 80}{space 3}-.1349344
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.259015{col 39}{space 2} .4218457{col 50}{space 1}   -2.98{col 59}{space 3}0.003{col 67}{space 4}-2.085818{col 80}{space 3} -.432213
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6938657{col 39}{space 2} .0860114{col 50}{space 1}   -8.07{col 59}{space 3}0.000{col 67}{space 4}-.8624451{col 80}{space 3}-.5252864
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3221285{col 39}{space 2} .0855869{col 50}{space 1}   -3.76{col 59}{space 3}0.000{col 67}{space 4}-.4898758{col 80}{space 3}-.1543812
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2254497{col 39}{space 2} .1421338{col 50}{space 1}    1.59{col 59}{space 3}0.113{col 67}{space 4}-.0531275{col 80}{space 3} .5040268
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0077878{col 39}{space 2} .0031364{col 50}{space 1}   -2.48{col 59}{space 3}0.013{col 67}{space 4}-.0139351{col 80}{space 3}-.0016406
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .9843598{col 39}{space 2} 1.704386{col 50}{space 1}    0.58{col 59}{space 3}0.564{col 67}{space 4}-2.356176{col 80}{space 3} 4.324895
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.797721{col 39}{space 2} .9963096{col 50}{space 1}   -5.82{col 59}{space 3}0.000{col 67}{space 4}-7.750452{col 80}{space 3} -3.84499
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.511058{col 39}{space 2}  1.05125{col 50}{space 1}    4.29{col 59}{space 3}0.000{col 67}{space 4} 2.450645{col 80}{space 3} 6.571471
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-3.927664{col 39}{space 2} 2.600512{col 50}{space 1}   -1.51{col 59}{space 3}0.131{col 67}{space 4}-9.024573{col 80}{space 3} 1.169246
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0196896{col 39}{space 2} .0512031{col 67}{space 4} .0001204{col 80}{space 3} 3.219563
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. estat ic

Akaike's information criterion and Bayesian information criterion

{txt}{hline 13}{c TT}{hline 63}
       Model {c |}    Obs    ll(null)   ll(model)     df          AIC         BIC
{hline 13}{c +}{hline 63}
{ralign 12:.}{col 14}{c |}{res}{col 17}  224{col 25}-214.9883{col 37} -184.568{col 48}    7{col 57} 383.1361{col 69} 407.0176
{txt}{hline 13}{c BT}{hline 63}
{p 15 22 2}
Note:  N=Obs used in calculating BIC; see {helpb bic_note:[R] BIC note}
{p_end}

{com}. margins, at (A_government_partisanship=(2(0.1)8)) post
{res}
{txt}Predictive margins{col 51}Number of obs{col 67}= {res}       224
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Predicted number of events, predict()}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 10}2}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}2.1}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:3._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}2.2}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:4._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}2.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:5._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}2.4}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:6._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}2.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:7._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}2.6}{p_end}
{p2colreset}{...}

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{col 14}{c |}{col 26} Delta-method
{col 14}{c |}     Margin{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}_at {c |}
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{txt}{space 9}50  {c |}{col 14}{res}{space 2} .8934327{col 26}{space 2}  .086252{col 37}{space 1}   10.36{col 46}{space 3}0.000{col 54}{space 4}  .724382{col 67}{space 3} 1.062483
{txt}{space 9}51  {c |}{col 14}{res}{space 2} .8795976{col 26}{space 2} .0856469{col 37}{space 1}   10.27{col 46}{space 3}0.000{col 54}{space 4} .7117328{col 67}{space 3} 1.047462
{txt}{space 9}52  {c |}{col 14}{res}{space 2} .8659768{col 26}{space 2} .0851139{col 37}{space 1}   10.17{col 46}{space 3}0.000{col 54}{space 4} .6991567{col 67}{space 3} 1.032797
{txt}{space 9}53  {c |}{col 14}{res}{space 2} .8525669{col 26}{space 2} .0846475{col 37}{space 1}   10.07{col 46}{space 3}0.000{col 54}{space 4} .6866608{col 67}{space 3} 1.018473
{txt}{space 9}54  {c |}{col 14}{res}{space 2} .8393646{col 26}{space 2} .0842428{col 37}{space 1}    9.96{col 46}{space 3}0.000{col 54}{space 4} .6742516{col 67}{space 3} 1.004478
{txt}{space 9}55  {c |}{col 14}{res}{space 2} .8263668{col 26}{space 2} .0838948{col 37}{space 1}    9.85{col 46}{space 3}0.000{col 54}{space 4} .6619359{col 67}{space 3} .9907976
{txt}{space 9}56  {c |}{col 14}{res}{space 2} .8135702{col 26}{space 2} .0835986{col 37}{space 1}    9.73{col 46}{space 3}0.000{col 54}{space 4} .6497199{col 67}{space 3} .9774206
{txt}{space 9}57  {c |}{col 14}{res}{space 2} .8009718{col 26}{space 2} .0833497{col 37}{space 1}    9.61{col 46}{space 3}0.000{col 54}{space 4} .6376094{col 67}{space 3} .9643343
{txt}{space 9}58  {c |}{col 14}{res}{space 2} .7885686{col 26}{space 2} .0831436{col 37}{space 1}    9.48{col 46}{space 3}0.000{col 54}{space 4}   .62561{col 67}{space 3} .9515271
{txt}{space 9}59  {c |}{col 14}{res}{space 2} .7763573{col 26}{space 2} .0829761{col 37}{space 1}    9.36{col 46}{space 3}0.000{col 54}{space 4}  .613727{col 67}{space 3} .9389875
{txt}{space 9}60  {c |}{col 14}{res}{space 2} .7643352{col 26}{space 2} .0828432{col 37}{space 1}    9.23{col 46}{space 3}0.000{col 54}{space 4} .6019654{col 67}{space 3} .9267049
{txt}{space 9}61  {c |}{col 14}{res}{space 2} .7524992{col 26}{space 2} .0827412{col 37}{space 1}    9.09{col 46}{space 3}0.000{col 54}{space 4} .5903295{col 67}{space 3} .9146689
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store fifth
{txt}
{com}. estimates store fifth2
{txt}
{com}. marginsplot, recast(line) ytitle("Predicted Number of Conditions") title("Bailout Conditionality: Financial Sector Conditions")

{text}{p 2 6 2}Variables that uniquely identify margins: A_government_partisanship{p_end}
{res}{txt}
{com}. * Public sector labour conditions
. zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-105.1648                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3785008{col 39}{space 2}  .068192{col 50}{space 1}    5.55{col 59}{space 3}0.000{col 67}{space 4}  .244847{col 80}{space 3} .5121546
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0315459{col 39}{space 2} .0301209{col 50}{space 1}    1.05{col 59}{space 3}0.295{col 67}{space 4}-.0274899{col 80}{space 3} .0905818
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0313049{col 39}{space 2} .0250556{col 50}{space 1}    1.25{col 59}{space 3}0.212{col 67}{space 4}-.0178032{col 80}{space 3} .0804131
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .078334{col 39}{space 2} .1325132{col 50}{space 1}    0.59{col 59}{space 3}0.554{col 67}{space 4}-.1813871{col 80}{space 3}  .338055
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .7079405{col 39}{space 2} .1358954{col 50}{space 1}    5.21{col 59}{space 3}0.000{col 67}{space 4} .4415904{col 80}{space 3} .9742907
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.47444{col 39}{space 2} 1.100737{col 50}{space 1}  -15.88{col 59}{space 3}0.000{col 67}{space 4}-19.63185{col 80}{space 3}-15.31704
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.270483{col 39}{space 2}  1.01939{col 50}{space 1}    3.21{col 59}{space 3}0.001{col 67}{space 4} 1.272515{col 80}{space 3} 5.268452
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1933378{col 39}{space 2} .2118169{col 50}{space 1}    0.91{col 59}{space 3}0.361{col 67}{space 4}-.2218157{col 80}{space 3} .6084913
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0092083{col 39}{space 2}  .253076{col 50}{space 1}   -0.04{col 59}{space 3}0.971{col 67}{space 4}-.5052283{col 80}{space 3} .4868116
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5990991{col 39}{space 2} .1213532{col 50}{space 1}    4.94{col 59}{space 3}0.000{col 67}{space 4} .3612512{col 80}{space 3}  .836947
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.589524{col 39}{space 2} .2050127{col 50}{space 1}    7.75{col 59}{space 3}0.000{col 67}{space 4} 1.187706{col 80}{space 3} 1.991341
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5761352{col 39}{space 2} .2295408{col 50}{space 1}    2.51{col 59}{space 3}0.012{col 67}{space 4} .1262435{col 80}{space 3} 1.026027
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0188708{col 39}{space 2}  .006633{col 50}{space 1}   -2.84{col 59}{space 3}0.004{col 67}{space 4}-.0318711{col 80}{space 3}-.0058704
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.877298{col 39}{space 2} 2.092942{col 50}{space 1}   -3.29{col 59}{space 3}0.001{col 67}{space 4}-10.97939{col 80}{space 3}-2.775207
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.685637{col 39}{space 2} .8749401{col 50}{space 1}   -5.36{col 59}{space 3}0.000{col 67}{space 4}-6.400488{col 80}{space 3}-2.970786
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.954458{col 39}{space 2} 1.264052{col 50}{space 1}    2.34{col 59}{space 3}0.019{col 67}{space 4} .4769612{col 80}{space 3} 5.431955
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -13.5708{col 39}{space 2} 2.203015{col 50}{space 1}   -6.16{col 59}{space 3}0.000{col 67}{space 4}-17.88863{col 80}{space 3}-9.252967
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.28e-06{col 39}{space 2} 2.81e-06{col 67}{space 4} 1.70e-08{col 80}{space 3} .0000958
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. estat ic

Akaike's information criterion and Bayesian information criterion

{txt}{hline 13}{c TT}{hline 63}
       Model {c |}    Obs    ll(null)   ll(model)     df          AIC         BIC
{hline 13}{c +}{hline 63}
{ralign 12:.}{col 14}{c |}{res}{col 17}  224{col 25} -131.102{col 37}-105.1648{col 48}    8{col 57} 226.3296{col 69} 253.6228
{txt}{hline 13}{c BT}{hline 63}
{p 15 22 2}
Note:  N=Obs used in calculating BIC; see {helpb bic_note:[R] BIC note}
{p_end}

{com}. margins, at (A_government_partisanship=(2(0.1)8)) post
{res}
{txt}Predictive margins{col 51}Number of obs{col 67}= {res}       224
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:21._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 10}4}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:22._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}4.1}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:23._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}4.2}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:24._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}4.3}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:27._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}4.6}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:28._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}4.7}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
{p2col:29._at}:{space 1}{res:{txt:A_governme~p}{space 4}{txt:=} {space 8}4.8}{p_end}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{txt}{p2colset 1 14 16 2}{...}
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{res}{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26} Delta-method
{col 14}{c |}     Margin{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}_at {c |}
{space 10}1  {c |}{col 14}{res}{space 2} .1079935{col 26}{space 2} .0272226{col 37}{space 1}    3.97{col 46}{space 3}0.000{col 54}{space 4} .0546382{col 67}{space 3} .1613488
{txt}{space 10}2  {c |}{col 14}{res}{space 2} .1121594{col 26}{space 2} .0279171{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4}  .057443{col 67}{space 3} .1668758
{txt}{space 10}3  {c |}{col 14}{res}{space 2}  .116486{col 26}{space 2} .0286418{col 37}{space 1}    4.07{col 46}{space 3}0.000{col 54}{space 4}  .060349{col 67}{space 3}  .172623
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .1209795{col 26}{space 2} .0293996{col 37}{space 1}    4.12{col 46}{space 3}0.000{col 54}{space 4} .0633573{col 67}{space 3} .1786017
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{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store fifth
{txt}
{com}. estimates store fifth2
{txt}
{com}. marginsplot, recast(line) ytitle("Predicted Number of Conditions") title("Bailout Conditionality: Public Sector Labour Conditions")

{text}{p 2 6 2}Variables that uniquely identify margins: A_government_partisanship{p_end}
{res}{txt}
{com}. 
. * Table 4 - alternative specification models
. 
. eststo m1:  zinb financial_conditions A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq if  ongoing_bailout==1, inflate(_cons) cluster(country_id)

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-229.51593}  
Iteration 1:{space 3}log pseudolikelihood = {res:-209.77414}  
Iteration 2:{space 3}log pseudolikelihood = {res:-208.06941}  
Iteration 3:{space 3}log pseudolikelihood = {res:-207.93414}  
Iteration 4:{space 3}log pseudolikelihood = {res:-207.92667}  
Iteration 5:{space 3}log pseudolikelihood = {res:-207.92665}  
Iteration 6:{space 3}log pseudolikelihood = {res:-207.92665}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-207.92665}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-195.94593}  
Iteration 2:{space 3}log pseudolikelihood = {res: -184.9117}  
Iteration 3:{space 3}log pseudolikelihood = {res: -178.6017}  
Iteration 4:{space 3}log pseudolikelihood = {res:-178.06957}  
Iteration 5:{space 3}log pseudolikelihood = {res:-178.03201}  
Iteration 6:{space 3}log pseudolikelihood = {res:-178.03152}  
Iteration 7:{space 3}log pseudolikelihood = {res:-178.03152}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      106
                                                  {txt}Nonzero obs     =  {res}       69
                                                  {txt}Zero obs        =  {res}       37

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-178.0315                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1559498{col 39}{space 2} .0292012{col 50}{space 1}   -5.34{col 59}{space 3}0.000{col 67}{space 4} -.213183{col 80}{space 3}-.0987166
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0126064{col 39}{space 2} .0123934{col 50}{space 1}    1.02{col 59}{space 3}0.309{col 67}{space 4}-.0116841{col 80}{space 3}  .036897
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0026427{col 39}{space 2} .0088008{col 50}{space 1}   -0.30{col 59}{space 3}0.764{col 67}{space 4} -.019892{col 80}{space 3} .0146066
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0506863{col 39}{space 2} .0747789{col 50}{space 1}   -0.68{col 59}{space 3}0.498{col 67}{space 4}-.1972502{col 80}{space 3} .0958776
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} -1.04142{col 39}{space 2} .1409142{col 50}{space 1}   -7.39{col 59}{space 3}0.000{col 67}{space 4}-1.317607{col 80}{space 3}-.7652333
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.346447{col 39}{space 2} .0914985{col 50}{space 1}   14.72{col 59}{space 3}0.000{col 67}{space 4} 1.167113{col 80}{space 3} 1.525781
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.254066{col 39}{space 2} .2169821{col 50}{space 1}    5.78{col 59}{space 3}0.000{col 67}{space 4} .8287889{col 80}{space 3} 1.679343
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5556644{col 39}{space 2} .2323755{col 50}{space 1}   -2.39{col 59}{space 3}0.017{col 67}{space 4}-1.011112{col 80}{space 3}-.1002167
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.253025{col 39}{space 2} .4250914{col 50}{space 1}   -2.95{col 59}{space 3}0.003{col 67}{space 4}-2.086189{col 80}{space 3}-.4198607
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6919507{col 39}{space 2}  .086758{col 50}{space 1}   -7.98{col 59}{space 3}0.000{col 67}{space 4}-.8619933{col 80}{space 3}-.5219082
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3238548{col 39}{space 2} .0852608{col 50}{space 1}   -3.80{col 59}{space 3}0.000{col 67}{space 4}-.4909629{col 80}{space 3}-.1567467
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2238978{col 39}{space 2}  .144281{col 50}{space 1}    1.55{col 59}{space 3}0.121{col 67}{space 4}-.0588878{col 80}{space 3} .5066834
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0077342{col 39}{space 2}  .003174{col 50}{space 1}   -2.44{col 59}{space 3}0.015{col 67}{space 4}-.0139551{col 80}{space 3}-.0015133
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .9942419{col 39}{space 2} 1.727274{col 50}{space 1}    0.58{col 59}{space 3}0.565{col 67}{space 4}-2.391154{col 80}{space 3} 4.379638
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 20}_cons {c |}{col 27}{res}{space 2} -1.28439{col 39}{space 2} .3538796{col 50}{space 1}   -3.63{col 59}{space 3}0.000{col 67}{space 4}-1.977981{col 80}{space 3}-.5907988
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-3.888445{col 39}{space 2} 2.508615{col 50}{space 1}   -1.55{col 59}{space 3}0.121{col 67}{space 4} -8.80524{col 80}{space 3} 1.028351
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0204772{col 39}{space 2} .0513693{col 67}{space 4} .0001499{col 80}{space 3} 2.796451
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq if  ongoing_bailout==1, inflate(_cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-129.52678}  
Iteration 1:{space 3}log pseudolikelihood = {res:-121.65124}  
Iteration 2:{space 3}log pseudolikelihood = {res:-120.49215}  
Iteration 3:{space 3}log pseudolikelihood = {res:-120.00049}  
Iteration 4:{space 3}log pseudolikelihood = {res: -119.9006}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-119.88263}  
Iteration 6:{space 3}log pseudolikelihood = {res:-119.87565}  
Iteration 7:{space 3}log pseudolikelihood = {res:-119.87029}  
Iteration 8:{space 3}log pseudolikelihood = {res:-119.86873}  
Iteration 9:{space 3}log pseudolikelihood = {res:-119.86767}  
Iteration 10:{space 2}log pseudolikelihood = {res:-119.86751}  
Iteration 11:{space 2}log pseudolikelihood = {res:-119.86747}  
Iteration 12:{space 2}log pseudolikelihood = {res:-119.86746}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-119.86746}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-106.68868}  
Iteration 2:{space 3}log pseudolikelihood = {res:-97.938644}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-96.758776}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-96.119002}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res: -96.11801}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-96.116457}  
Iteration 7:{space 3}log pseudolikelihood = {res:-96.085635}  
Iteration 8:{space 3}log pseudolikelihood = {res:-95.528152}  
Iteration 9:{space 3}log pseudolikelihood = {res:-95.053271}  
Iteration 10:{space 2}log pseudolikelihood = {res:-94.907725}  
Iteration 11:{space 2}log pseudolikelihood = {res: -94.86725}  
Iteration 12:{space 2}log pseudolikelihood = {res:-94.857767}  
Iteration 13:{space 2}log pseudolikelihood = {res:-94.855303}  
Iteration 14:{space 2}log pseudolikelihood = {res:-94.854789}  
Iteration 15:{space 2}log pseudolikelihood = {res:-94.854678}  
Iteration 16:{space 2}log pseudolikelihood = {res:-94.854653}  
Iteration 17:{space 2}log pseudolikelihood = {res:-94.854647}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      106
                                                  {txt}Nonzero obs     =  {res}       41
                                                  {txt}Zero obs        =  {res}       65

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-94.85465                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3813105{col 39}{space 2} .0640726{col 50}{space 1}    5.95{col 59}{space 3}0.000{col 67}{space 4} .2557306{col 80}{space 3} .5068904
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0329162{col 39}{space 2} .0299363{col 50}{space 1}    1.10{col 59}{space 3}0.272{col 67}{space 4} -.025758{col 80}{space 3} .0915903
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0303125{col 39}{space 2} .0243148{col 50}{space 1}    1.25{col 59}{space 3}0.213{col 67}{space 4}-.0173437{col 80}{space 3} .0779687
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0787147{col 39}{space 2} .1261556{col 50}{space 1}    0.62{col 59}{space 3}0.533{col 67}{space 4}-.1685457{col 80}{space 3} .3259751
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .6806628{col 39}{space 2} .1388128{col 50}{space 1}    4.90{col 59}{space 3}0.000{col 67}{space 4} .4085946{col 80}{space 3}  .952731
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.78857{col 39}{space 2} 1.098474{col 50}{space 1}  -16.19{col 59}{space 3}0.000{col 67}{space 4}-19.94154{col 80}{space 3} -15.6356
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.382431{col 39}{space 2} .8041364{col 50}{space 1}    4.21{col 59}{space 3}0.000{col 67}{space 4} 1.806353{col 80}{space 3}  4.95851
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .0119279{col 39}{space 2}  .261856{col 50}{space 1}    0.05{col 59}{space 3}0.964{col 67}{space 4}-.5013004{col 80}{space 3} .5251562
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0959554{col 39}{space 2} .3273772{col 50}{space 1}   -0.29{col 59}{space 3}0.769{col 67}{space 4} -.737603{col 80}{space 3} .5456922
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .6292035{col 39}{space 2} .1253865{col 50}{space 1}    5.02{col 59}{space 3}0.000{col 67}{space 4} .3834505{col 80}{space 3} .8749565
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.539475{col 39}{space 2}  .180609{col 50}{space 1}    8.52{col 59}{space 3}0.000{col 67}{space 4} 1.185487{col 80}{space 3} 1.893462
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5263756{col 39}{space 2} .2133637{col 50}{space 1}    2.47{col 59}{space 3}0.014{col 67}{space 4} .1081905{col 80}{space 3} .9445607
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0180292{col 39}{space 2} .0058271{col 50}{space 1}   -3.09{col 59}{space 3}0.002{col 67}{space 4}  -.02945{col 80}{space 3}-.0066083
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} -6.21623{col 39}{space 2} 2.083084{col 50}{space 1}   -2.98{col 59}{space 3}0.003{col 67}{space 4}  -10.299{col 80}{space 3}-2.133461
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 20}_cons {c |}{col 27}{res}{space 2}-1.628507{col 39}{space 2} .5162491{col 50}{space 1}   -3.15{col 59}{space 3}0.002{col 67}{space 4}-2.640337{col 80}{space 3}-.6166774
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-14.57156{col 39}{space 2} 1.513705{col 50}{space 1}   -9.63{col 59}{space 3}0.000{col 67}{space 4}-17.53837{col 80}{space 3}-11.60476
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 4.70e-07{col 39}{space 2} 7.11e-07{col 67}{space 4} 2.42e-08{col 80}{space 3} 9.12e-06
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m3:  poisson financial_conditions A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq if financial_conditions>0,  cluster(country_id)
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-123.27146}  
Iteration 1:{space 3}log pseudolikelihood = {res:-122.58832}  
Iteration 2:{space 3}log pseudolikelihood = {res:-122.58714}  
Iteration 3:{space 3}log pseudolikelihood = {res:-122.58714}  
{res}
{txt}Poisson regression{col 51}Number of obs{col 67}= {res}        70
{txt}{col 51}{help j_robustsingular##|_new:Wald chi2(5)}{col 67}=          {res}.
{txt}Log pseudolikelihood = {res}-122.58714{txt}{col 51}Prob > chi2{col 67}=          {res}.

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1262399{col 39}{space 2} .0406656{col 50}{space 1}   -3.10{col 59}{space 3}0.002{col 67}{space 4} -.205943{col 80}{space 3}-.0465367
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0159016{col 39}{space 2} .0116495{col 50}{space 1}    1.37{col 59}{space 3}0.172{col 67}{space 4} -.006931{col 80}{space 3} .0387342
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} -.005995{col 39}{space 2} .0078694{col 50}{space 1}   -0.76{col 59}{space 3}0.446{col 67}{space 4}-.0214187{col 80}{space 3} .0094288
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0843077{col 39}{space 2} .0629026{col 50}{space 1}   -1.34{col 59}{space 3}0.180{col 67}{space 4}-.2075946{col 80}{space 3} .0389792
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.5967671{col 39}{space 2} .0814134{col 50}{space 1}   -7.33{col 59}{space 3}0.000{col 67}{space 4}-.7563344{col 80}{space 3}-.4371998
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.274527{col 39}{space 2} .1052409{col 50}{space 1}   12.11{col 59}{space 3}0.000{col 67}{space 4} 1.068259{col 80}{space 3} 1.480796
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.156947{col 39}{space 2} .1472335{col 50}{space 1}    7.86{col 59}{space 3}0.000{col 67}{space 4} .8683744{col 80}{space 3} 1.445519
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5505682{col 39}{space 2}  .164961{col 50}{space 1}   -3.34{col 59}{space 3}0.001{col 67}{space 4}-.8738859{col 80}{space 3}-.2272506
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.052969{col 39}{space 2} .3415001{col 50}{space 1}   -3.08{col 59}{space 3}0.002{col 67}{space 4}-1.722297{col 80}{space 3}-.3836408
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.0995463{col 39}{space 2} .1111112{col 50}{space 1}   -0.90{col 59}{space 3}0.370{col 67}{space 4}-.3173203{col 80}{space 3} .1182277
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3137358{col 39}{space 2} .0846647{col 50}{space 1}   -3.71{col 59}{space 3}0.000{col 67}{space 4}-.4796756{col 80}{space 3}-.1477959
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .1571037{col 39}{space 2} .1315859{col 50}{space 1}    1.19{col 59}{space 3}0.233{col 67}{space 4}   -.1008{col 80}{space 3} .4150074
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0058806{col 39}{space 2} .0029445{col 50}{space 1}   -2.00{col 59}{space 3}0.046{col 67}{space 4}-.0116517{col 80}{space 3}-.0001096
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 1.382301{col 39}{space 2} 1.454387{col 50}{space 1}    0.95{col 59}{space 3}0.342{col 67}{space 4}-1.468244{col 80}{space 3} 4.232846
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m4:  poisson pub_labour_conditions A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq if pub_labour_conditions>0,  cluster(country_id)
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:   -57.689}  
Iteration 1:{space 3}log pseudolikelihood = {res:-57.688044}  
Iteration 2:{space 3}log pseudolikelihood = {res:-57.688044}  
{res}
{txt}Poisson regression{col 51}Number of obs{col 67}= {res}        43
{txt}{col 51}{help j_robustsingular##|_new:Wald chi2(4)}{col 67}=          {res}.
{txt}Log pseudolikelihood = {res}-57.688044{txt}{col 51}Prob > chi2{col 67}=          {res}.

{txt}{ralign 91:(Std. Err. adjusted for {res:7} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2} .2388161{col 39}{space 2} .0362702{col 50}{space 1}    6.58{col 59}{space 3}0.000{col 67}{space 4} .1677279{col 80}{space 3} .3099043
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}-.0302782{col 39}{space 2} .0096013{col 50}{space 1}   -3.15{col 59}{space 3}0.002{col 67}{space 4}-.0490964{col 80}{space 3}-.0114601
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0168654{col 39}{space 2} .0123603{col 50}{space 1}   -1.36{col 59}{space 3}0.172{col 67}{space 4}-.0410912{col 80}{space 3} .0073603
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}   .07809{col 39}{space 2} .1247022{col 50}{space 1}    0.63{col 59}{space 3}0.531{col 67}{space 4}-.1663218{col 80}{space 3} .3225018
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .2744423{col 39}{space 2} .1250613{col 50}{space 1}    2.19{col 59}{space 3}0.028{col 67}{space 4} .0293267{col 80}{space 3}  .519558
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.325467{col 39}{space 2} .2849056{col 50}{space 1}    8.16{col 59}{space 3}0.000{col 67}{space 4} 1.767063{col 80}{space 3} 2.883872
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.4226847{col 39}{space 2} .1047819{col 50}{space 1}   -4.03{col 59}{space 3}0.000{col 67}{space 4}-.6280534{col 80}{space 3} -.217316
{txt}{space 23}6  {c |}{col 27}{res}{space 2} .6054985{col 39}{space 2} .1477195{col 50}{space 1}    4.10{col 59}{space 3}0.000{col 67}{space 4} .3159735{col 80}{space 3} .8950235
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .2281079{col 39}{space 2} .0588566{col 50}{space 1}    3.88{col 59}{space 3}0.000{col 67}{space 4}  .112751{col 80}{space 3} .3434648
{txt}{space 23}8  {c |}{col 27}{res}{space 2}  .510188{col 39}{space 2} .1204924{col 50}{space 1}    4.23{col 59}{space 3}0.000{col 67}{space 4} .2740272{col 80}{space 3} .7463489
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3110337{col 39}{space 2}  .065807{col 50}{space 1}    4.73{col 59}{space 3}0.000{col 67}{space 4} .1820544{col 80}{space 3}  .440013
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0116165{col 39}{space 2} .0018037{col 50}{space 1}   -6.44{col 59}{space 3}0.000{col 67}{space 4}-.0151517{col 80}{space 3}-.0080814
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-2.511166{col 39}{space 2} .7009547{col 50}{space 1}   -3.58{col 59}{space 3}0.000{col 67}{space 4}-3.885012{col 80}{space 3} -1.13732
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 m3 m4, star(* 0.05 ** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 72}
{txt}                      (1)            (2)            (3)            (4)  
{txt}             financial_~s   pub_labour~s   financial_~s   pub_labour~s  
{txt}{hline 72}
{res}main                                                                    {txt}
{txt}A_governme~p{res}       -0.156**        0.381**       -0.126**        0.239**{txt}
            {res} {ralign 12:{txt:(}0.0292{txt:)}}   {ralign 12:{txt:(}0.0641{txt:)}}   {ralign 12:{txt:(}0.0407{txt:)}}   {ralign 12:{txt:(}0.0363{txt:)}}  {txt}

{txt}M_sovereig~t{res}       0.0126         0.0329         0.0159        -0.0303**{txt}
            {res} {ralign 12:{txt:(}0.0124{txt:)}}   {ralign 12:{txt:(}0.0299{txt:)}}   {ralign 12:{txt:(}0.0116{txt:)}}   {ralign 12:{txt:(}0.00960{txt:)}}  {txt}

{txt}M_bop       {res}     -0.00264         0.0303       -0.00599        -0.0169  {txt}
            {res} {ralign 12:{txt:(}0.00880{txt:)}}   {ralign 12:{txt:(}0.0243{txt:)}}   {ralign 12:{txt:(}0.00787{txt:)}}   {ralign 12:{txt:(}0.0124{txt:)}}  {txt}

{txt}M_sovereig~e{res}      -0.0507         0.0787        -0.0843         0.0781  {txt}
            {res} {ralign 12:{txt:(}0.0748{txt:)}}   {ralign 12:{txt:(}0.126{txt:)}}   {ralign 12:{txt:(}0.0629{txt:)}}   {ralign 12:{txt:(}0.125{txt:)}}  {txt}

{txt}1.country_id{res}            0              0              0              0  {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}  {txt}

{txt}2.country_id{res}       -1.041**        0.681**       -0.597**        0.274* {txt}
            {res} {ralign 12:{txt:(}0.141{txt:)}}   {ralign 12:{txt:(}0.139{txt:)}}   {ralign 12:{txt:(}0.0814{txt:)}}   {ralign 12:{txt:(}0.125{txt:)}}  {txt}

{txt}3.country_id{res}        1.346**       -17.79**        1.275**               {txt}
            {res} {ralign 12:{txt:(}0.0915{txt:)}}   {ralign 12:{txt:(}1.098{txt:)}}   {ralign 12:{txt:(}0.105{txt:)}}                 {txt}

{txt}4.country_id{res}        1.254**        3.382**        1.157**        2.325**{txt}
            {res} {ralign 12:{txt:(}0.217{txt:)}}   {ralign 12:{txt:(}0.804{txt:)}}   {ralign 12:{txt:(}0.147{txt:)}}   {ralign 12:{txt:(}0.285{txt:)}}  {txt}

{txt}5.country_id{res}       -0.556*        0.0119         -0.551**       -0.423**{txt}
            {res} {ralign 12:{txt:(}0.232{txt:)}}   {ralign 12:{txt:(}0.262{txt:)}}   {ralign 12:{txt:(}0.165{txt:)}}   {ralign 12:{txt:(}0.105{txt:)}}  {txt}

{txt}6.country_id{res}       -1.253**      -0.0960         -1.053**        0.605**{txt}
            {res} {ralign 12:{txt:(}0.425{txt:)}}   {ralign 12:{txt:(}0.327{txt:)}}   {ralign 12:{txt:(}0.342{txt:)}}   {ralign 12:{txt:(}0.148{txt:)}}  {txt}

{txt}7.country_id{res}       -0.692**        0.629**      -0.0995          0.228**{txt}
            {res} {ralign 12:{txt:(}0.0868{txt:)}}   {ralign 12:{txt:(}0.125{txt:)}}   {ralign 12:{txt:(}0.111{txt:)}}   {ralign 12:{txt:(}0.0589{txt:)}}  {txt}

{txt}8.country_id{res}       -0.324**        1.539**       -0.314**        0.510**{txt}
            {res} {ralign 12:{txt:(}0.0853{txt:)}}   {ralign 12:{txt:(}0.181{txt:)}}   {ralign 12:{txt:(}0.0847{txt:)}}   {ralign 12:{txt:(}0.120{txt:)}}  {txt}

{txt}quarter_id  {res}        0.224          0.526*         0.157          0.311**{txt}
            {res} {ralign 12:{txt:(}0.144{txt:)}}   {ralign 12:{txt:(}0.213{txt:)}}   {ralign 12:{txt:(}0.132{txt:)}}   {ralign 12:{txt:(}0.0658{txt:)}}  {txt}

{txt}quarter_id~q{res}     -0.00773*       -0.0180**     -0.00588*       -0.0116**{txt}
            {res} {ralign 12:{txt:(}0.00317{txt:)}}   {ralign 12:{txt:(}0.00583{txt:)}}   {ralign 12:{txt:(}0.00294{txt:)}}   {ralign 12:{txt:(}0.00180{txt:)}}  {txt}

{txt}_cons       {res}        0.994         -6.216**        1.382         -2.511**{txt}
            {res} {ralign 12:{txt:(}1.727{txt:)}}   {ralign 12:{txt:(}2.083{txt:)}}   {ralign 12:{txt:(}1.454{txt:)}}   {ralign 12:{txt:(}0.701{txt:)}}  {txt}
{hline 72}
{res}inflate                                                                 {txt}
{txt}_cons       {res}       -1.284**       -1.629**                              {txt}
            {res} {ralign 12:{txt:(}0.354{txt:)}}   {ralign 12:{txt:(}0.516{txt:)}}                                {txt}
{hline 72}
{res}lnalpha                                                                 {txt}
{txt}_cons       {res}       -3.888         -14.57**                              {txt}
            {res} {ralign 12:{txt:(}2.509{txt:)}}   {ralign 12:{txt:(}1.514{txt:)}}                                {txt}
{txt}{hline 72}
{txt}aic         {res}        370.1          205.7          257.2          125.4  {txt}
{txt}N           {res}          106            106             70             43  {txt}
{txt}N_zero      {res}           37             65                                {txt}
{txt}N_clust     {res}            8              8              8              7  {txt}
{txt}{hline 72}
{txt}Standard errors in parentheses
{txt}* p<0.05, ** p<0.01

{com}. 
. * Figure 4 - First difference approach (with poisson regressions in Table 4)
. 
. * net describe clarify, from(http://gking.harvard.edu/clarify) 
. sum A_government_partisanship 

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
A_governme~p {c |}{res}       272    5.370956    1.701031        1.1        8.4
{txt}
{com}. 
. gen cyprus=1 if country == "CYPRUS" 
{txt}(252 missing values generated)

{com}. replace cyprus=0 if country != "CYPRUS" 
{txt}(252 real changes made)

{com}. gen greece=1 if country == "GREECE" 
{txt}(252 missing values generated)

{com}. replace greece=0 if country != "GREECE" 
{txt}(252 real changes made)

{com}. gen hungary=1 if country == "HUNGARY" 
{txt}(252 missing values generated)

{com}. replace hungary=0 if country != "HUNGARY" 
{txt}(252 real changes made)

{com}. gen ireland=1 if country == "IRELAND" 
{txt}(252 missing values generated)

{com}. replace ireland=0 if country != "IRELAND" 
{txt}(252 real changes made)

{com}. gen latvia=1 if country == "LATVIA" 
{txt}(252 missing values generated)

{com}. replace latvia=0 if country != "LATVIA" 
{txt}(252 real changes made)

{com}. gen portugal=1 if country != "PORTUGAL" 
{txt}(36 missing values generated)

{com}. replace portugal=0 if country != "PORTUGAL" 
{txt}(252 real changes made)

{com}. gen romania=1 if country == "ROMANIA" 
{txt}(252 missing values generated)

{com}. replace romania=0 if country != "ROMANIA" 
{txt}(252 real changes made)

{com}. gen spain=1 if country == "SPAIN" 
{txt}(252 missing values generated)

{com}. replace spain=0 if country != "SPAIN" 
{txt}(252 real changes made)

{com}. 
. * Simulations based on Government Partisanship increase from mean by one standard deviation
. 
. * Financial conditions
. estsimp  poisson financial_conditions A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate cyprus greece hungary ireland latvia romania  quarter_id quarter_id_sq ,  cluster(quarter_id)

{txt}Iteration 0:{col 16}log pseudolikelihood = {res}-340.55985{txt}  
Iteration 1:{col 16}log pseudolikelihood = {res}-340.17471{txt}  
Iteration 2:{col 16}log pseudolikelihood = {res}-340.17411{txt}  
Iteration 3:{col 16}log pseudolikelihood = {res}-340.17411{txt}  
{res}
{txt}Poisson regression{col 51}Number of obs{col 67}= {res}       224
{txt}{col 51}Wald chi2({res}12{txt}){col 67}= {res}     76.69
{txt}Log pseudolikelihood = {res}-340.17411{txt}{col 51}Prob > chi2{col 67}= {res}    0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2} .1966652{col 39}{space 2} .1925391{col 50}{space 1}    1.02{col 59}{space 3}0.307{col 67}{space 4}-.1807046{col 80}{space 3} .5740349
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0782058{col 39}{space 2} .0387654{col 50}{space 1}    2.02{col 59}{space 3}0.044{col 67}{space 4}  .002227{col 80}{space 3} .1541846
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0202849{col 39}{space 2} .0186513{col 50}{space 1}    1.09{col 59}{space 3}0.277{col 67}{space 4} -.016271{col 80}{space 3} .0568409
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0017904{col 39}{space 2} .0860088{col 50}{space 1}    0.02{col 59}{space 3}0.983{col 67}{space 4}-.1667838{col 80}{space 3} .1703647
{txt}{space 19}cyprus {c |}{col 27}{res}{space 2} .8757722{col 39}{space 2} .4959106{col 50}{space 1}    1.77{col 59}{space 3}0.077{col 67}{space 4}-.0961946{col 80}{space 3} 1.847739
{txt}{space 19}greece {c |}{col 27}{res}{space 2}-.4354186{col 39}{space 2} .5525975{col 50}{space 1}   -0.79{col 59}{space 3}0.431{col 67}{space 4} -1.51849{col 80}{space 3} .6476526
{txt}{space 18}hungary {c |}{col 27}{res}{space 2}-.0478091{col 39}{space 2} .6186833{col 50}{space 1}   -0.08{col 59}{space 3}0.938{col 67}{space 4}-1.260406{col 80}{space 3} 1.164788
{txt}{space 18}ireland {c |}{col 27}{res}{space 2} .4883794{col 39}{space 2} .4503821{col 50}{space 1}    1.08{col 59}{space 3}0.278{col 67}{space 4}-.3943533{col 80}{space 3} 1.371112
{txt}{space 19}latvia {c |}{col 27}{res}{space 2} .0668304{col 39}{space 2} .6921619{col 50}{space 1}    0.10{col 59}{space 3}0.923{col 67}{space 4}-1.289782{col 80}{space 3} 1.423443
{txt}{space 18}romania {c |}{col 27}{res}{space 2} .9961353{col 39}{space 2} .3573335{col 50}{space 1}    2.79{col 59}{space 3}0.005{col 67}{space 4} .2957745{col 80}{space 3} 1.696496
{txt}{space 15}quarter_id {c |}{col 27}{res}{space 2} .6284582{col 39}{space 2} .1275225{col 50}{space 1}    4.93{col 59}{space 3}0.000{col 67}{space 4} .3785188{col 80}{space 3} .8783977
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0152752{col 39}{space 2} .0032579{col 50}{space 1}   -4.69{col 59}{space 3}0.000{col 67}{space 4}-.0216605{col 80}{space 3}-.0088899
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-7.379468{col 39}{space 2}  1.64316{col 50}{space 1}   -4.49{col 59}{space 3}0.000{col 67}{space 4}    -10.6{col 80}{space 3}-4.158933
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{res}Simulating main parameters.  Please wait....

Note: Clarify is expanding your dataset from 288 observations to 1000
observations in order to accommodate the simulations.  This will append
missing values to the bottom of your original dataset.

% of simulations completed: 7% 15% 23% 30% 38% 46% 53% 61% 69% 76% 84% 92% 100% 

Number of simulations  : 1000
Names of new variables : b1 b2 b3 b4 b5 b6 b7 b8 b9 b10 b11 b12 b13
{txt}
{com}. setx median 
{txt}
{com}. simqi, fd(prval(1)) changex(A_government_partisanship 5.370956 7.071987) level(83)

{res}First Difference: A_government_partisanship 5.370956 7.071987

{txt}      Quantity of Interest |     Mean       Std. Err.    [83% Conf. Interval]
---------------------------+--------------------------------------------------
         dPr(financ~s = 1) |  {res} -.075684     .0775638    -.2022809    .0051821
{txt}
{com}. drop b1-b13
{txt}
{com}. drop if country_id == .
{txt}(712 observations deleted)

{com}. 
. * Public sector labor conditions
. estsimp  poisson pub_labour_conditions A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate cyprus greece hungary ireland latvia romania  quarter_id quarter_id_sq ,  cluster(quarter_id)

{txt}Iteration 0:{col 16}log pseudolikelihood = {res}-128.67448{txt}  
Iteration 1:{col 16}log pseudolikelihood = {res}-128.23998{txt}  
Iteration 2:{col 16}log pseudolikelihood = {res}-128.23964{txt}  
Iteration 3:{col 16}log pseudolikelihood = {res}-128.23964{txt}  
{res}
{txt}Poisson regression{col 51}Number of obs{col 67}= {res}       224
{txt}{col 51}Wald chi2({res}12{txt}){col 67}= {res}     95.98
{txt}Log pseudolikelihood = {res}-128.23964{txt}{col 51}Prob > chi2{col 67}= {res}    0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}  .446143{col 39}{space 2} .1863867{col 50}{space 1}    2.39{col 59}{space 3}0.017{col 67}{space 4} .0808317{col 80}{space 3} .8114542
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0708671{col 39}{space 2}  .038856{col 50}{space 1}    1.82{col 59}{space 3}0.068{col 67}{space 4}-.0052892{col 80}{space 3} .1470235
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0297877{col 39}{space 2} .0185298{col 50}{space 1}    1.61{col 59}{space 3}0.108{col 67}{space 4}  -.00653{col 80}{space 3} .0661055
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1817856{col 39}{space 2} .1915782{col 50}{space 1}    0.95{col 59}{space 3}0.343{col 67}{space 4}-.1937007{col 80}{space 3} .5572719
{txt}{space 19}cyprus {c |}{col 27}{res}{space 2} 1.699492{col 39}{space 2} .8235485{col 50}{space 1}    2.06{col 59}{space 3}0.039{col 67}{space 4} .0853667{col 80}{space 3} 3.313618
{txt}{space 19}greece {c |}{col 27}{res}{space 2} .8369917{col 39}{space 2} .7160719{col 50}{space 1}    1.17{col 59}{space 3}0.242{col 67}{space 4}-.5664835{col 80}{space 3} 2.240467
{txt}{space 18}hungary {c |}{col 27}{res}{space 2}-.1495439{col 39}{space 2} 1.170471{col 50}{space 1}   -0.13{col 59}{space 3}0.898{col 67}{space 4}-2.443624{col 80}{space 3} 2.144536
{txt}{space 18}ireland {c |}{col 27}{res}{space 2} .0606383{col 39}{space 2} .5551252{col 50}{space 1}    0.11{col 59}{space 3}0.913{col 67}{space 4}-1.027387{col 80}{space 3} 1.148664
{txt}{space 19}latvia {c |}{col 27}{res}{space 2}  .987462{col 39}{space 2} .6657458{col 50}{space 1}    1.48{col 59}{space 3}0.138{col 67}{space 4}-.3173758{col 80}{space 3}   2.2923
{txt}{space 18}romania {c |}{col 27}{res}{space 2} 2.238039{col 39}{space 2} .6326884{col 50}{space 1}    3.54{col 59}{space 3}0.000{col 67}{space 4} .9979921{col 80}{space 3} 3.478085
{txt}{space 15}quarter_id {c |}{col 27}{res}{space 2} .7293458{col 39}{space 2} .1421696{col 50}{space 1}    5.13{col 59}{space 3}0.000{col 67}{space 4} .4506985{col 80}{space 3} 1.007993
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0202649{col 39}{space 2} .0039089{col 50}{space 1}   -5.18{col 59}{space 3}0.000{col 67}{space 4}-.0279262{col 80}{space 3}-.0126035
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-10.56226{col 39}{space 2} 1.944981{col 50}{space 1}   -5.43{col 59}{space 3}0.000{col 67}{space 4}-14.37435{col 80}{space 3}-6.750164
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{res}Simulating main parameters.  Please wait....

Note: Clarify is expanding your dataset from 288 observations to 1000
observations in order to accommodate the simulations.  This will append
missing values to the bottom of your original dataset.

% of simulations completed: 7% 15% 23% 30% 38% 46% 53% 61% 69% 76% 84% 92% 100% 

Number of simulations  : 1000
Names of new variables : b1 b2 b3 b4 b5 b6 b7 b8 b9 b10 b11 b12 b13
{txt}
{com}. setx median 
{txt}
{com}. simqi, fd(prval(1)) changex(A_government_partisanship 5.370956 7.071987) level(83)

{res}First Difference: A_government_partisanship 5.370956 7.071987

{txt}      Quantity of Interest |     Mean       Std. Err.    [83% Conf. Interval]
---------------------------+--------------------------------------------------
         dPr(pub_la~s = 1) |  {res} .0967822     .0491177     .0321839    .1622722
{txt}
{com}. drop b1-b13
{txt}
{com}. drop if country_id == .
{txt}(712 observations deleted)

{com}. 
. gen v1=0.5
{txt}
{com}. gen v2=0.75
{txt}
{com}. 
. gen b1=  -.075684
{txt}
{com}. gen lb1= -.2022809
{txt}
{com}. gen ub1= .0051821
{txt}
{com}. 
. gen b2=  .0967822 
{txt}
{com}. gen lb2= .0321839
{txt}
{com}. gen ub2=  .1622722
{txt}
{com}.  
. twoway (scatter v1 b1, mcolor(black) msymbol(smcircle)) (rcap lb1 ub1 v1, lcolor(black) lpattern(l) ///
>         horizontal msize(zero) mcolor(black) msymbol(smcircle)) (scatter v2 b2, mcolor(black) msymbol(smcircle)) ///
>         (rcap lb2 ub2 v2, lcolor(black) lpattern(l) horizontal msize(zero) mcolor(black) msymbol(smcircle)), xline(0, lpattern(dash)) ///
>         ylabel(0.25 " " 0.5 "Financial sector conditions"  0.75 "Public sector labour conditions " 1 " ", noticks angle(0)) ///
>         ytitle(`"Probability Change with 1 SD"' `"Increase in Partisanship (L-R)"') xtitle(First Difference Estimates) ///
>         xlabel(-0.3(0.1)0.3, format(%03.1f)) legend(off) scheme(lean1) aspectratio(1)
{res}{txt}
{com}. 
. ************
. * APPENDIX *
. ************
. 
. * Figure A.2 - Sum of all conditions across countries and time
. xtline sum_conditions if quarter_id>3, ov ///
>         legend(label(1 "Ireland") label(2 "Greece") ///
>         label(3 "Spain") label(4 "Cyprus") label(5 "Latvia") label(6 "Hungary") ///
>         label(7 "Portugal") label(8 "Romania")) ///
>         plot2opts(lp(dash)) plot3opts(lp(dash_dot)) plot7opts(lp(longdash)) plot8opts(lp(shortdash)) ///
>         xtitle("Quarter") ytitle("Bailout Conditionality: Sum") ///
>         xlabel(0 "Q42007" 10 "Q42009" 20 "Q42011" 30 "Q42013" 40 "Q42015")
{res}{txt}
{com}. 
. * Figure A.3 - Sum of Non-public sector conditions across countries and time
. xtline nonpub_labour_conditions if quarter_id>3, ov ///
>         legend(label(1 "Ireland") label(2 "Greece") ///
>         label(3 "Spain") label(4 "Cyprus") label(5 "Latvia") label(6 "Hungary") ///
>         label(7 "Portugal") label(8 "Romania")) ///
>         plot2opts(lp(dash)) plot3opts(lp(dash_dot)) plot7opts(lp(longdash)) plot8opts(lp(shortdash)) ///
>         xtitle("Quarter") ytitle("Bailout Conditionality: Non-Public Sector Labour Conditions") ///
>         xlabel(0 "Q42007" 10 "Q42009" 20 "Q42011" 30 "Q42013" 40 "Q42015")
{res}{txt}
{com}. 
. * Figure A.4 through Figure A.7 - histograms (distribution) of conditions 
. hist sum_conditions, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Sum")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}3.8666667{txt})
{res}{txt}
{com}. hist financial_conditions, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Financial Conditions")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}.53333333{txt})
{res}{txt}
{com}. hist pub_labour_conditions, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Public Sector Labour Conditions")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}.2{txt})
{res}{txt}
{com}. hist nonpub_labour_conditions, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Non-Public Sector Labour Conditions")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}.46666667{txt})
{res}{txt}
{com}. 
. hist sum_conditions if ongoing_bailout==1, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Sum")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}3.8666667{txt})
{res}{txt}
{com}. hist financial_conditions if ongoing_bailout==1, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Financial Conditions")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}.53333333{txt})
{res}{txt}
{com}. hist pub_labour_conditions if ongoing_bailout==1, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Public Sector Labour Conditions")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}.2{txt})
{res}{txt}
{com}. hist nonpub_labour_conditions if ongoing_bailout==1, percent kdensity bin(30) ytitle("Percentage (%)") xtitle("Bailout Conditionality: Non-Public Sector Labour Conditions")
{txt}(bin={res}30{txt}, start={res}0{txt}, width={res}.46666667{txt})
{res}{txt}
{com}. 
. * Figure A.8 Unconditional effect of government partinsanship on financial conditions (no covariates)
. separate financial_conditions, by(country)

              {txt}storage   display    value
variable name   type    format     label      variable label
{hline}
{p 0 48}{res}{bind:financial_con~1}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == CYPRUS{p_end}
{p 0 48}{bind:financial_con~2}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == GREECE{p_end}
{p 0 48}{bind:financial_con~3}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == HUNGARY{p_end}
{p 0 48}{bind:financial_con~4}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == IRELAND{p_end}
{p 0 48}{bind:financial_con~5}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == LATVIA{p_end}
{p 0 48}{bind:financial_con~6}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == PORTUGAL{p_end}
{p 0 48}{bind:financial_con~7}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == ROMANIA{p_end}
{p 0 48}{bind:financial_con~8}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}financial_conditions, country == SPAIN{p_end}
{txt}
{com}. twoway (scatter financial_conditions1 government_partisanship) (scatter financial_conditions2 government_partisanship) ///
>         (scatter financial_conditions3 government_partisanship) (scatter financial_conditions4 government_partisanship) ///
>         (scatter financial_conditions5 government_partisanship) (scatter financial_conditions6 government_partisanship) ///
>         (scatter financial_conditions7 government_partisanship) (scatter financial_conditions8 government_partisanship) ///
>         (lowess financial_conditions government_partisanship) if ongoing_bailout!=0, legend(label(1 "Cyprus") label(2 "Greece") ///
>         label(3 "Hungary") label(4 "Ireland") label(5 "Latvia") label(6 "Portugal") ///
>         label(7 "Romania") label(8 "Spain") label(9 "lowess fit")) ///
>         xtitle("Government Partisanship") ytitle("Bailout Conditions: Finance") 
{res}{txt}
{com}. 
. * Figure A.9 Unconditional effect of government partinsanship on public sector labour conditions (no covariates)
. separate pub_labour_conditions, by(country)

              {txt}storage   display    value
variable name   type    format     label      variable label
{hline}
{p 0 48}{res}{bind:pub_labour_co~1}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == CYPRUS{p_end}
{p 0 48}{bind:pub_labour_co~2}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == GREECE{p_end}
{p 0 48}{bind:pub_labour_co~3}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == HUNGARY{p_end}
{p 0 48}{bind:pub_labour_co~4}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == IRELAND{p_end}
{p 0 48}{bind:pub_labour_co~5}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == LATVIA{p_end}
{p 0 48}{bind:pub_labour_co~6}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == PORTUGAL{p_end}
{p 0 48}{bind:pub_labour_co~7}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == ROMANIA{p_end}
{p 0 48}{bind:pub_labour_co~8}{txt}{bind: byte    }{bind:{txt}%10.0g    }{space 1}{bind:         }{bind:  }{res}{res}pub_labour_conditions, country == SPAIN{p_end}
{txt}
{com}. twoway (scatter pub_labour_conditions1 government_partisanship) (scatter pub_labour_conditions2 government_partisanship) ///
>         (scatter pub_labour_conditions3 government_partisanship) (scatter pub_labour_conditions4 government_partisanship) ///
>         (scatter pub_labour_conditions6 government_partisanship) (scatter pub_labour_conditions7 government_partisanship) ///
>         (scatter financial_conditions7 government_partisanship) (scatter pub_labour_conditions8 government_partisanship)  ///
>         (lowess pub_labour_conditions government_partisanship) if ongoing_bailout!=0, legend(label(1 "Cyprus") label(2 "Greece") ///
>         label(3 "Hungary") label(4 "Ireland") label(5 "Latvia") label(6 "Portugal") ///
>         label(7 "Romania") label(8 "Spain") label(9 "lowess fit")) ///
>         xtitle("Government Partisanship") ytitle("Bailout Conditionality: Public Sector Labour") 
{res}{txt}
{com}. 
. * Table A.2 - quarter-clustered SE 
. eststo m1:  zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-298.90516}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-247.92902}  
Iteration 2:{space 3}log pseudolikelihood = {res:-225.90838}  
Iteration 3:{space 3}log pseudolikelihood = {res:-216.62187}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-215.52507}  
Iteration 5:{space 3}log pseudolikelihood = {res:-214.99328}  
Iteration 6:{space 3}log pseudolikelihood = {res:-214.98828}  
Iteration 7:{space 3}log pseudolikelihood = {res:-214.98828}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-214.98828}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -202.7783}  
Iteration 2:{space 3}log pseudolikelihood = {res:-194.95298}  
Iteration 3:{space 3}log pseudolikelihood = {res:-185.26088}  
Iteration 4:{space 3}log pseudolikelihood = {res: -184.6071}  
Iteration 5:{space 3}log pseudolikelihood = {res:-184.56988}  
Iteration 6:{space 3}log pseudolikelihood = {res:-184.56804}  
Iteration 7:{space 3}log pseudolikelihood = {res:-184.56803}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}   398.26
{txt}Log pseudolikelihood = {res} -184.568                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1560646{col 39}{space 2} .0495829{col 50}{space 1}   -3.15{col 59}{space 3}0.002{col 67}{space 4}-.2532453{col 80}{space 3} -.058884
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .012937{col 39}{space 2} .0170194{col 50}{space 1}    0.76{col 59}{space 3}0.447{col 67}{space 4}-.0204205{col 80}{space 3} .0462945
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0026449{col 39}{space 2} .0149374{col 50}{space 1}   -0.18{col 59}{space 3}0.859{col 67}{space 4}-.0319217{col 80}{space 3} .0266318
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} -.051074{col 39}{space 2} .0556245{col 50}{space 1}   -0.92{col 59}{space 3}0.359{col 67}{space 4} -.160096{col 80}{space 3} .0579479
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.043017{col 39}{space 2} .2812491{col 50}{space 1}   -3.71{col 59}{space 3}0.000{col 67}{space 4}-1.594255{col 80}{space 3}-.4917785
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.350052{col 39}{space 2} .4221436{col 50}{space 1}    3.20{col 59}{space 3}0.001{col 67}{space 4} .5226654{col 80}{space 3} 2.177438
{txt}{space 23}4  {c |}{col 27}{res}{space 2}  1.26119{col 39}{space 2} .2402047{col 50}{space 1}    5.25{col 59}{space 3}0.000{col 67}{space 4}  .790397{col 80}{space 3} 1.731982
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5633049{col 39}{space 2} .2981053{col 50}{space 1}   -1.89{col 59}{space 3}0.059{col 67}{space 4}-1.147581{col 80}{space 3} .0209708
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.259015{col 39}{space 2} .3723944{col 50}{space 1}   -3.38{col 59}{space 3}0.001{col 67}{space 4}-1.988895{col 80}{space 3}-.5291358
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6938657{col 39}{space 2} .6427003{col 50}{space 1}   -1.08{col 59}{space 3}0.280{col 67}{space 4}-1.953535{col 80}{space 3} .5658038
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3221285{col 39}{space 2} .1716201{col 50}{space 1}   -1.88{col 59}{space 3}0.061{col 67}{space 4}-.6584977{col 80}{space 3} .0142407
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2254497{col 39}{space 2}  .122647{col 50}{space 1}    1.84{col 59}{space 3}0.066{col 67}{space 4}-.0149341{col 80}{space 3} .4658334
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0077878{col 39}{space 2} .0026542{col 50}{space 1}   -2.93{col 59}{space 3}0.003{col 67}{space 4}-.0129901{col 80}{space 3}-.0025856
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .9843598{col 39}{space 2} 1.466503{col 50}{space 1}    0.67{col 59}{space 3}0.502{col 67}{space 4}-1.889933{col 80}{space 3} 3.858653
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.797721{col 39}{space 2} .9962119{col 50}{space 1}   -5.82{col 59}{space 3}0.000{col 67}{space 4} -7.75026{col 80}{space 3}-3.845181
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.511058{col 39}{space 2} 1.042461{col 50}{space 1}    4.33{col 59}{space 3}0.000{col 67}{space 4} 2.467873{col 80}{space 3} 6.554243
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-3.927664{col 39}{space 2} 2.027443{col 50}{space 1}   -1.94{col 59}{space 3}0.053{col 67}{space 4}-7.901379{col 80}{space 3} .0460519
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0196896{col 39}{space 2} .0399196{col 67}{space 4} .0003702{col 80}{space 3} 1.047129
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id)

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res: -169.1594}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -148.7821}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res: -133.8916}  
Iteration 3:{space 3}log pseudolikelihood = {res:-131.41619}  
Iteration 4:{space 3}log pseudolikelihood = {res:-131.30298}  
Iteration 5:{space 3}log pseudolikelihood = {res:-131.14943}  
Iteration 6:{space 3}log pseudolikelihood = {res:-131.14124}  
Iteration 7:{space 3}log pseudolikelihood = {res:-131.11145}  
Iteration 8:{space 3}log pseudolikelihood = {res:-131.10608}  
Iteration 9:{space 3}log pseudolikelihood = {res:-131.10319}  
Iteration 10:{space 2}log pseudolikelihood = {res:-131.10236}  
Iteration 11:{space 2}log pseudolikelihood = {res:-131.10211}  
Iteration 12:{space 2}log pseudolikelihood = {res:-131.10206}  
Iteration 13:{space 2}log pseudolikelihood = {res:-131.10205}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-131.10205}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -116.9782}  
Iteration 2:{space 3}log pseudolikelihood = {res:-107.89232}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-106.76231}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-106.18285}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-106.03926}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-106.02771}  
Iteration 7:{space 3}log pseudolikelihood = {res:-105.96204}  
Iteration 8:{space 3}log pseudolikelihood = {res:-105.68563}  
Iteration 9:{space 3}log pseudolikelihood = {res:-105.32559}  
Iteration 10:{space 2}log pseudolikelihood = {res:-105.21098}  
Iteration 11:{space 2}log pseudolikelihood = {res:-105.17665}  
Iteration 12:{space 2}log pseudolikelihood = {res:-105.16709}  
Iteration 13:{space 2}log pseudolikelihood = {res:-105.16509}  
Iteration 14:{space 2}log pseudolikelihood = {res:-105.16487}  
Iteration 15:{space 2}log pseudolikelihood = {res:-105.16482}  
Iteration 16:{space 2}log pseudolikelihood = {res:-105.16481}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}  3505.86
{txt}Log pseudolikelihood = {res}-105.1648                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3785008{col 39}{space 2}  .142615{col 50}{space 1}    2.65{col 59}{space 3}0.008{col 67}{space 4} .0989804{col 80}{space 3} .6580212
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0315459{col 39}{space 2} .0379901{col 50}{space 1}    0.83{col 59}{space 3}0.406{col 67}{space 4}-.0429133{col 80}{space 3} .1060052
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0313049{col 39}{space 2} .0244592{col 50}{space 1}    1.28{col 59}{space 3}0.201{col 67}{space 4}-.0166342{col 80}{space 3} .0792441
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .078334{col 39}{space 2} .0987504{col 50}{space 1}    0.79{col 59}{space 3}0.428{col 67}{space 4}-.1152134{col 80}{space 3} .2718813
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .7079405{col 39}{space 2} .5933834{col 50}{space 1}    1.19{col 59}{space 3}0.233{col 67}{space 4}-.4550695{col 80}{space 3} 1.870951
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.47444{col 39}{space 2} .6937492{col 50}{space 1}  -25.19{col 59}{space 3}0.000{col 67}{space 4}-18.83416{col 80}{space 3}-16.11472
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.270483{col 39}{space 2}   1.2219{col 50}{space 1}    2.68{col 59}{space 3}0.007{col 67}{space 4} .8756035{col 80}{space 3} 5.665363
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1933378{col 39}{space 2} .6023779{col 50}{space 1}    0.32{col 59}{space 3}0.748{col 67}{space 4}-.9873012{col 80}{space 3} 1.373977
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0092083{col 39}{space 2}  1.19094{col 50}{space 1}   -0.01{col 59}{space 3}0.994{col 67}{space 4}-2.343408{col 80}{space 3} 2.324992
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5990991{col 39}{space 2} .5229218{col 50}{space 1}    1.15{col 59}{space 3}0.252{col 67}{space 4}-.4258088{col 80}{space 3} 1.624007
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.589524{col 39}{space 2} .6365695{col 50}{space 1}    2.50{col 59}{space 3}0.013{col 67}{space 4} .3418703{col 80}{space 3} 2.837177
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5761352{col 39}{space 2} .1841597{col 50}{space 1}    3.13{col 59}{space 3}0.002{col 67}{space 4} .2151887{col 80}{space 3} .9370816
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0188708{col 39}{space 2} .0050865{col 50}{space 1}   -3.71{col 59}{space 3}0.000{col 67}{space 4}-.0288401{col 80}{space 3}-.0089014
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.877298{col 39}{space 2} 2.255424{col 50}{space 1}   -3.05{col 59}{space 3}0.002{col 67}{space 4}-11.29785{col 80}{space 3}-2.456749
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.685637{col 39}{space 2} .8994279{col 50}{space 1}   -5.21{col 59}{space 3}0.000{col 67}{space 4}-6.448484{col 80}{space 3}-2.922791
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.954458{col 39}{space 2} .7884584{col 50}{space 1}    3.75{col 59}{space 3}0.000{col 67}{space 4} 1.409108{col 80}{space 3} 4.499808
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -13.5708{col 39}{space 2} 3.521889{col 50}{space 1}   -3.85{col 59}{space 3}0.000{col 67}{space 4}-20.47357{col 80}{space 3}-6.668022
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.28e-06{col 39}{space 2} 4.50e-06{col 67}{space 4} 1.28e-09{col 80}{space 3} .0012709
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m3:  zinb nonpub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id)  

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-255.03919}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-215.43839}  
Iteration 2:{space 3}log pseudolikelihood = {res:-196.19355}  
Iteration 3:{space 3}log pseudolikelihood = {res:-192.45166}  
Iteration 4:{space 3}log pseudolikelihood = {res:-191.51678}  
Iteration 5:{space 3}log pseudolikelihood = {res:-191.03647}  
Iteration 6:{space 3}log pseudolikelihood = {res:-190.95984}  
Iteration 7:{space 3}log pseudolikelihood = {res:-190.94575}  
Iteration 8:{space 3}log pseudolikelihood = {res:-190.94137}  
Iteration 9:{space 3}log pseudolikelihood = {res:-190.94022}  
Iteration 10:{space 2}log pseudolikelihood = {res:-190.93994}  
Iteration 11:{space 2}log pseudolikelihood = {res:-190.93989}  
Iteration 12:{space 2}log pseudolikelihood = {res:-190.93988}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-190.93988}  
Iteration 1:{space 3}log pseudolikelihood = {res:-183.16246}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-173.76902}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-172.38821}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-172.07523}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-171.89941}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-170.75794}  
Iteration 7:{space 3}log pseudolikelihood = {res:-168.51113}  
Iteration 8:{space 3}log pseudolikelihood = {res:-168.34382}  
Iteration 9:{space 3}log pseudolikelihood = {res:-168.34309}  
Iteration 10:{space 2}log pseudolikelihood = {res:-168.34299}  
Iteration 11:{space 2}log pseudolikelihood = {res:-168.34297}  
Iteration 12:{space 2}log pseudolikelihood = {res:-168.34297}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       58
                                                  {txt}Zero obs        =  {res}      166

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}  2178.09
{txt}Log pseudolikelihood = {res} -168.343                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1} nonpub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}nonpub_labour_conditions  {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1195815{col 39}{space 2}  .081436{col 50}{space 1}   -1.47{col 59}{space 3}0.142{col 67}{space 4}-.2791932{col 80}{space 3} .0400301
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0354302{col 39}{space 2} .0308229{col 50}{space 1}    1.15{col 59}{space 3}0.250{col 67}{space 4}-.0249815{col 80}{space 3}  .095842
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0120391{col 39}{space 2} .0172913{col 50}{space 1}   -0.70{col 59}{space 3}0.486{col 67}{space 4}-.0459294{col 80}{space 3} .0218512
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1349862{col 39}{space 2} .0945011{col 50}{space 1}    1.43{col 59}{space 3}0.153{col 67}{space 4}-.0502325{col 80}{space 3} .3202048
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .9339249{col 39}{space 2} .4918682{col 50}{space 1}    1.90{col 59}{space 3}0.058{col 67}{space 4} -.030119{col 80}{space 3} 1.897969
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-15.19457{col 39}{space 2} .5251387{col 50}{space 1}  -28.93{col 59}{space 3}0.000{col 67}{space 4}-16.22382{col 80}{space 3}-14.16531
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.577949{col 39}{space 2} .5121455{col 50}{space 1}    3.08{col 59}{space 3}0.002{col 67}{space 4} .5741619{col 80}{space 3} 2.581735
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .0112905{col 39}{space 2} .5238969{col 50}{space 1}    0.02{col 59}{space 3}0.983{col 67}{space 4}-1.015529{col 80}{space 3} 1.038109
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.5764265{col 39}{space 2} .8837557{col 50}{space 1}   -0.65{col 59}{space 3}0.514{col 67}{space 4}-2.308556{col 80}{space 3} 1.155703
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .4271654{col 39}{space 2} .7037031{col 50}{space 1}    0.61{col 59}{space 3}0.544{col 67}{space 4}-.9520673{col 80}{space 3} 1.806398
{txt}{space 23}8  {c |}{col 27}{res}{space 2} .4578895{col 39}{space 2} .4511313{col 50}{space 1}    1.01{col 59}{space 3}0.310{col 67}{space 4}-.4263115{col 80}{space 3} 1.342091
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3554817{col 39}{space 2} .1291951{col 50}{space 1}    2.75{col 59}{space 3}0.006{col 67}{space 4}  .102264{col 80}{space 3} .6086994
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0105989{col 39}{space 2} .0028674{col 50}{space 1}   -3.70{col 59}{space 3}0.000{col 67}{space 4}-.0162188{col 80}{space 3}-.0049789
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-1.746589{col 39}{space 2} 1.858426{col 50}{space 1}   -0.94{col 59}{space 3}0.347{col 67}{space 4}-5.389036{col 80}{space 3} 1.895859
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.585561{col 39}{space 2} .8455594{col 50}{space 1}   -5.42{col 59}{space 3}0.000{col 67}{space 4}-6.242827{col 80}{space 3}-2.928295
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 3.307848{col 39}{space 2} .7655129{col 50}{space 1}    4.32{col 59}{space 3}0.000{col 67}{space 4}  1.80747{col 80}{space 3} 4.808226
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-1.217205{col 39}{space 2} .5222382{col 50}{space 1}   -2.33{col 59}{space 3}0.020{col 67}{space 4}-2.240773{col 80}{space 3}-.1936368
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .2960566{col 39}{space 2}  .154612{col 67}{space 4} .1063763{col 80}{space 3} .8239571
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m4:  zinb sum_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id)  

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-560.85463}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-460.39199}  
Iteration 2:{space 3}log pseudolikelihood = {res:-442.06889}  
Iteration 3:{space 3}log pseudolikelihood = {res:-439.47705}  
Iteration 4:{space 3}log pseudolikelihood = {res:-439.32452}  
Iteration 5:{space 3}log pseudolikelihood = {res:-439.28438}  
Iteration 6:{space 3}log pseudolikelihood = {res:-439.27353}  
Iteration 7:{space 3}log pseudolikelihood = {res:-439.26968}  
Iteration 8:{space 3}log pseudolikelihood = {res:-439.26868}  
Iteration 9:{space 3}log pseudolikelihood = {res:-439.26847}  
Iteration 10:{space 2}log pseudolikelihood = {res:-439.26843}  
Iteration 11:{space 2}log pseudolikelihood = {res:-439.26842}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-439.26842}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-428.02848}  
Iteration 2:{space 3}log pseudolikelihood = {res: -412.7785}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-405.66261}  
Iteration 4:{space 3}log pseudolikelihood = {res:-401.39579}  
Iteration 5:{space 3}log pseudolikelihood = {res:-396.65288}  
Iteration 6:{space 3}log pseudolikelihood = {res:-396.60621}  
Iteration 7:{space 3}log pseudolikelihood = {res:-396.60619}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       98
                                                  {txt}Zero obs        =  {res}      126

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}   218.82
{txt}Log pseudolikelihood = {res}-396.6062                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           sum_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}sum_conditions            {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.2803583{col 39}{space 2} .1117167{col 50}{space 1}   -2.51{col 59}{space 3}0.012{col 67}{space 4} -.499319{col 80}{space 3}-.0613976
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0194503{col 39}{space 2} .0119739{col 50}{space 1}    1.62{col 59}{space 3}0.104{col 67}{space 4}-.0040182{col 80}{space 3} .0429188
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0325219{col 39}{space 2} .0142951{col 50}{space 1}   -2.28{col 59}{space 3}0.023{col 67}{space 4}-.0605397{col 80}{space 3}-.0045041
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .132356{col 39}{space 2} .0496173{col 50}{space 1}    2.67{col 59}{space 3}0.008{col 67}{space 4} .0351078{col 80}{space 3} .2296042
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}  .934645{col 39}{space 2} .3447376{col 50}{space 1}    2.71{col 59}{space 3}0.007{col 67}{space 4} .2589718{col 80}{space 3} 1.610318
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .6443529{col 39}{space 2} .4542178{col 50}{space 1}    1.42{col 59}{space 3}0.156{col 67}{space 4}-.2458976{col 80}{space 3} 1.534603
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.319955{col 39}{space 2} .4261737{col 50}{space 1}    5.44{col 59}{space 3}0.000{col 67}{space 4}  1.48467{col 80}{space 3}  3.15524
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .7024594{col 39}{space 2} .3752663{col 50}{space 1}    1.87{col 59}{space 3}0.061{col 67}{space 4} -.033049{col 80}{space 3} 1.437968
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.6848967{col 39}{space 2} .4723865{col 50}{space 1}   -1.45{col 59}{space 3}0.147{col 67}{space 4}-1.610757{col 80}{space 3} .2409638
{txt}{space 23}7  {c |}{col 27}{res}{space 2} 1.011837{col 39}{space 2} .3735636{col 50}{space 1}    2.71{col 59}{space 3}0.007{col 67}{space 4} .2796654{col 80}{space 3} 1.744008
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.463779{col 39}{space 2} .2737652{col 50}{space 1}    5.35{col 59}{space 3}0.000{col 67}{space 4} .9272093{col 80}{space 3} 2.000349
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4616391{col 39}{space 2} .0935086{col 50}{space 1}    4.94{col 59}{space 3}0.000{col 67}{space 4} .2783656{col 80}{space 3} .6449126
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0136418{col 39}{space 2} .0020211{col 50}{space 1}   -6.75{col 59}{space 3}0.000{col 67}{space 4}-.0176031{col 80}{space 3}-.0096804
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .0484001{col 39}{space 2}  1.21856{col 50}{space 1}    0.04{col 59}{space 3}0.968{col 67}{space 4}-2.339934{col 80}{space 3} 2.436734
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.838059{col 39}{space 2} .4906662{col 50}{space 1}   -9.86{col 59}{space 3}0.000{col 67}{space 4}-5.799747{col 80}{space 3}-3.876371
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.583186{col 39}{space 2}  .412385{col 50}{space 1}    6.26{col 59}{space 3}0.000{col 67}{space 4} 1.774926{col 80}{space 3} 3.391446
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-.6856992{col 39}{space 2} .1884889{col 50}{space 1}   -3.64{col 59}{space 3}0.000{col 67}{space 4}-1.055131{col 80}{space 3}-.3162677
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .5037379{col 39}{space 2}  .094949{col 67}{space 4} .3481469{col 80}{space 3} .7288643
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 m3 m4, star(* 0.05 ** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 72}
{txt}                      (1)            (2)            (3)            (4)  
{txt}             financial_~s   pub_labour~s   nonpub_lab~s   sum_condit~s  
{txt}{hline 72}
{res}main                                                                    {txt}
{txt}A_governme~p{res}       -0.156**        0.379**       -0.120         -0.280* {txt}
            {res} {ralign 12:{txt:(}0.0496{txt:)}}   {ralign 12:{txt:(}0.143{txt:)}}   {ralign 12:{txt:(}0.0814{txt:)}}   {ralign 12:{txt:(}0.112{txt:)}}  {txt}

{txt}M_sovereig~t{res}       0.0129         0.0315         0.0354         0.0195  {txt}
            {res} {ralign 12:{txt:(}0.0170{txt:)}}   {ralign 12:{txt:(}0.0380{txt:)}}   {ralign 12:{txt:(}0.0308{txt:)}}   {ralign 12:{txt:(}0.0120{txt:)}}  {txt}

{txt}M_bop       {res}     -0.00264         0.0313        -0.0120        -0.0325* {txt}
            {res} {ralign 12:{txt:(}0.0149{txt:)}}   {ralign 12:{txt:(}0.0245{txt:)}}   {ralign 12:{txt:(}0.0173{txt:)}}   {ralign 12:{txt:(}0.0143{txt:)}}  {txt}

{txt}M_sovereig~e{res}      -0.0511         0.0783          0.135          0.132**{txt}
            {res} {ralign 12:{txt:(}0.0556{txt:)}}   {ralign 12:{txt:(}0.0988{txt:)}}   {ralign 12:{txt:(}0.0945{txt:)}}   {ralign 12:{txt:(}0.0496{txt:)}}  {txt}

{txt}1.country_id{res}            0              0              0              0  {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}   {ralign 12:{txt:(}.{txt:)}}  {txt}

{txt}2.country_id{res}       -1.043**        0.708          0.934          0.935**{txt}
            {res} {ralign 12:{txt:(}0.281{txt:)}}   {ralign 12:{txt:(}0.593{txt:)}}   {ralign 12:{txt:(}0.492{txt:)}}   {ralign 12:{txt:(}0.345{txt:)}}  {txt}

{txt}3.country_id{res}        1.350**       -17.47**       -15.19**        0.644  {txt}
            {res} {ralign 12:{txt:(}0.422{txt:)}}   {ralign 12:{txt:(}0.694{txt:)}}   {ralign 12:{txt:(}0.525{txt:)}}   {ralign 12:{txt:(}0.454{txt:)}}  {txt}

{txt}4.country_id{res}        1.261**        3.270**        1.578**        2.320**{txt}
            {res} {ralign 12:{txt:(}0.240{txt:)}}   {ralign 12:{txt:(}1.222{txt:)}}   {ralign 12:{txt:(}0.512{txt:)}}   {ralign 12:{txt:(}0.426{txt:)}}  {txt}

{txt}5.country_id{res}       -0.563          0.193         0.0113          0.702  {txt}
            {res} {ralign 12:{txt:(}0.298{txt:)}}   {ralign 12:{txt:(}0.602{txt:)}}   {ralign 12:{txt:(}0.524{txt:)}}   {ralign 12:{txt:(}0.375{txt:)}}  {txt}

{txt}6.country_id{res}       -1.259**     -0.00921         -0.576         -0.685  {txt}
            {res} {ralign 12:{txt:(}0.372{txt:)}}   {ralign 12:{txt:(}1.191{txt:)}}   {ralign 12:{txt:(}0.884{txt:)}}   {ralign 12:{txt:(}0.472{txt:)}}  {txt}

{txt}7.country_id{res}       -0.694          0.599          0.427          1.012**{txt}
            {res} {ralign 12:{txt:(}0.643{txt:)}}   {ralign 12:{txt:(}0.523{txt:)}}   {ralign 12:{txt:(}0.704{txt:)}}   {ralign 12:{txt:(}0.374{txt:)}}  {txt}

{txt}8.country_id{res}       -0.322          1.590*         0.458          1.464**{txt}
            {res} {ralign 12:{txt:(}0.172{txt:)}}   {ralign 12:{txt:(}0.637{txt:)}}   {ralign 12:{txt:(}0.451{txt:)}}   {ralign 12:{txt:(}0.274{txt:)}}  {txt}

{txt}quarter_id  {res}        0.225          0.576**        0.355**        0.462**{txt}
            {res} {ralign 12:{txt:(}0.123{txt:)}}   {ralign 12:{txt:(}0.184{txt:)}}   {ralign 12:{txt:(}0.129{txt:)}}   {ralign 12:{txt:(}0.0935{txt:)}}  {txt}

{txt}quarter_id~q{res}     -0.00779**      -0.0189**      -0.0106**      -0.0136**{txt}
            {res} {ralign 12:{txt:(}0.00265{txt:)}}   {ralign 12:{txt:(}0.00509{txt:)}}   {ralign 12:{txt:(}0.00287{txt:)}}   {ralign 12:{txt:(}0.00202{txt:)}}  {txt}

{txt}_cons       {res}        0.984         -6.877**       -1.747         0.0484  {txt}
            {res} {ralign 12:{txt:(}1.467{txt:)}}   {ralign 12:{txt:(}2.255{txt:)}}   {ralign 12:{txt:(}1.858{txt:)}}   {ralign 12:{txt:(}1.219{txt:)}}  {txt}
{hline 72}
{res}inflate                                                                 {txt}
{txt}ongoing_ba~t{res}       -5.798**       -4.686**       -4.586**       -4.838**{txt}
            {res} {ralign 12:{txt:(}0.996{txt:)}}   {ralign 12:{txt:(}0.899{txt:)}}   {ralign 12:{txt:(}0.846{txt:)}}   {ralign 12:{txt:(}0.491{txt:)}}  {txt}

{txt}_cons       {res}        4.511**        2.954**        3.308**        2.583**{txt}
            {res} {ralign 12:{txt:(}1.042{txt:)}}   {ralign 12:{txt:(}0.788{txt:)}}   {ralign 12:{txt:(}0.766{txt:)}}   {ralign 12:{txt:(}0.412{txt:)}}  {txt}
{hline 72}
{res}lnalpha                                                                 {txt}
{txt}_cons       {res}       -3.928         -13.57**       -1.217*        -0.686**{txt}
            {res} {ralign 12:{txt:(}2.027{txt:)}}   {ralign 12:{txt:(}3.522{txt:)}}   {ralign 12:{txt:(}0.522{txt:)}}   {ralign 12:{txt:(}0.188{txt:)}}  {txt}
{txt}{hline 72}
{txt}aic         {res}        403.1          244.3          370.7          827.2  {txt}
{txt}N           {res}          224            224            224            224  {txt}
{txt}N_zero      {res}          154            181            166            126  {txt}
{txt}N_clust     {res}           28             28             28             28  {txt}
{txt}{hline 72}
{txt}Standard errors in parentheses
{txt}* p<0.05, ** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.3 - Linear models (only onset of bailout bargaining quarters)
. eststo:  reg financial_conditions $xvar i.country_id quarter_id quarter_id_sq if ongoing_bailout==1,  cluster(country_id)  level(90)

{txt}Linear regression                                      Number of obs ={res}     106
                                                       {help j_robustsingular:F(  5,     7) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.2959
                                                       {txt}Root MSE      = {res} 2.5106

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}-.4058393{col 39}{space 2} .1298774{col 50}{space 1}   -3.12{col 59}{space 3}0.017{col 67}{space 4}-.6519022{col 80}{space 3}-.1597763
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0217167{col 39}{space 2}  .036763{col 50}{space 1}    0.59{col 59}{space 3}0.573{col 67}{space 4}-.0479336{col 80}{space 3} .0913671
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0522563{col 39}{space 2} .0519949{col 50}{space 1}    1.01{col 59}{space 3}0.348{col 67}{space 4}-.0462521{col 80}{space 3} .1507648
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.1168378{col 39}{space 2} .0899834{col 50}{space 1}   -1.30{col 59}{space 3}0.235{col 67}{space 4}-.2873184{col 80}{space 3} .0536427
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-2.092295{col 39}{space 2} .2156777{col 50}{space 1}   -9.70{col 59}{space 3}0.000{col 67}{space 4}-2.500913{col 80}{space 3}-1.683677
{txt}{space 23}3  {c |}{col 27}{res}{space 2}   2.9949{col 39}{space 2} .3877955{col 50}{space 1}    7.72{col 59}{space 3}0.000{col 67}{space 4} 2.260191{col 80}{space 3}  3.72961
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.059892{col 39}{space 2} .6206385{col 50}{space 1}    3.32{col 59}{space 3}0.013{col 67}{space 4} .8840437{col 80}{space 3} 3.235741
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5665479{col 39}{space 2} .4780989{col 50}{space 1}   -1.19{col 59}{space 3}0.275{col 67}{space 4}-1.472344{col 80}{space 3} .3392481
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-2.080305{col 39}{space 2} .8488926{col 50}{space 1}   -2.45{col 59}{space 3}0.044{col 67}{space 4}-3.688599{col 80}{space 3}-.4720111
{txt}{space 23}7  {c |}{col 27}{res}{space 2}  -1.9417{col 39}{space 2} .1367554{col 50}{space 1}  -14.20{col 59}{space 3}0.000{col 67}{space 4}-2.200794{col 80}{space 3}-1.682606
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-1.214636{col 39}{space 2} .2709147{col 50}{space 1}   -4.48{col 59}{space 3}0.003{col 67}{space 4}-1.727905{col 80}{space 3}-.7013666
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5794053{col 39}{space 2} .3204398{col 50}{space 1}    1.81{col 59}{space 3}0.114{col 67}{space 4}-.0276932{col 80}{space 3} 1.186504
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0154764{col 39}{space 2} .0074222{col 50}{space 1}   -2.09{col 59}{space 3}0.076{col 67}{space 4}-.0295382{col 80}{space 3}-.0014145
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .4802438{col 39}{space 2} 3.432486{col 50}{space 1}    0.14{col 59}{space 3}0.893{col 67}{space 4} -6.02287{col 80}{space 3} 6.983358
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}({res}est1{txt} stored)

{com}. eststo:  reg pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq if ongoing_bailout==1,  cluster(country_id)  level(90)

{txt}Linear regression                                      Number of obs ={res}     106
                                                       {help j_robustsingular:F(  5,     7) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.2707
                                                       {txt}Root MSE      = {res}   1.05

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2} .1743563{col 39}{space 2} .0641179{col 50}{space 1}    2.72{col 59}{space 3}0.030{col 67}{space 4} .0528799{col 80}{space 3} .2958327
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0170566{col 39}{space 2} .0141339{col 50}{space 1}    1.21{col 59}{space 3}0.267{col 67}{space 4}-.0097213{col 80}{space 3} .0438345
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0224447{col 39}{space 2} .0208584{col 50}{space 1}    1.08{col 59}{space 3}0.318{col 67}{space 4}-.0170732{col 80}{space 3} .0619626
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0235327{col 39}{space 2} .0958673{col 50}{space 1}    0.25{col 59}{space 3}0.813{col 67}{space 4}-.1580954{col 80}{space 3} .2051608
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .3557415{col 39}{space 2} .0662026{col 50}{space 1}    5.37{col 59}{space 3}0.001{col 67}{space 4} .2303155{col 80}{space 3} .4811676
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-.4330141{col 39}{space 2} .1353421{col 50}{space 1}   -3.20{col 59}{space 3}0.015{col 67}{space 4}-.6894303{col 80}{space 3}-.1765979
{txt}{space 23}4  {c |}{col 27}{res}{space 2} .9177818{col 39}{space 2} .0684502{col 50}{space 1}   13.41{col 59}{space 3}0.000{col 67}{space 4} .7880976{col 80}{space 3} 1.047466
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .3821228{col 39}{space 2} .1505176{col 50}{space 1}    2.54{col 59}{space 3}0.039{col 67}{space 4} .0969554{col 80}{space 3} .6672902
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.1475177{col 39}{space 2} .4467362{col 50}{space 1}   -0.33{col 59}{space 3}0.751{col 67}{space 4}-.9938946{col 80}{space 3} .6988592
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .1878816{col 39}{space 2} .0348639{col 50}{space 1}    5.39{col 59}{space 3}0.001{col 67}{space 4} .1218292{col 80}{space 3} .2539339
{txt}{space 23}8  {c |}{col 27}{res}{space 2} .9720567{col 39}{space 2} .1580006{col 50}{space 1}    6.15{col 59}{space 3}0.000{col 67}{space 4} .6727122{col 80}{space 3} 1.271401
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .0854428{col 39}{space 2} .1341653{col 50}{space 1}    0.64{col 59}{space 3}0.544{col 67}{space 4}-.1687438{col 80}{space 3} .3396294
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0037632{col 39}{space 2} .0029756{col 50}{space 1}   -1.26{col 59}{space 3}0.246{col 67}{space 4}-.0094008{col 80}{space 3} .0018743
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-.6877048{col 39}{space 2} 1.725353{col 50}{space 1}   -0.40{col 59}{space 3}0.702{col 67}{space 4}-3.956521{col 80}{space 3} 2.581112
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}({res}est2{txt} stored)

{com}. eststo:  reg sum_conditions $xvar i.country_id quarter_id quarter_id_sq if ongoing_bailout==1,  cluster(country_id)  level(90)

{txt}Linear regression                                      Number of obs ={res}     106
                                                       {help j_robustsingular:F(  5,     7) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.3130
                                                       {txt}Root MSE      = {res} 18.195

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           sum_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}-.9552761{col 39}{space 2}  1.30027{col 50}{space 1}   -0.73{col 59}{space 3}0.486{col 67}{space 4}-3.418739{col 80}{space 3} 1.508187
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .4110598{col 39}{space 2} .2626506{col 50}{space 1}    1.57{col 59}{space 3}0.162{col 67}{space 4}-.0865524{col 80}{space 3}  .908672
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.2640206{col 39}{space 2}  .239234{col 50}{space 1}   -1.10{col 59}{space 3}0.306{col 67}{space 4}-.7172682{col 80}{space 3}  .189227
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} 1.895344{col 39}{space 2} .5725382{col 50}{space 1}    3.31{col 59}{space 3}0.013{col 67}{space 4} .8106253{col 80}{space 3} 2.980063
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}  19.9848{col 39}{space 2} 1.080674{col 50}{space 1}   18.49{col 59}{space 3}0.000{col 67}{space 4} 17.93738{col 80}{space 3} 22.03222
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 3.117748{col 39}{space 2}  3.14776{col 50}{space 1}    0.99{col 59}{space 3}0.355{col 67}{space 4}-2.845931{col 80}{space 3} 9.081427
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 18.49247{col 39}{space 2} 2.215119{col 50}{space 1}    8.35{col 59}{space 3}0.000{col 67}{space 4} 14.29575{col 80}{space 3} 22.68918
{txt}{space 23}5  {c |}{col 27}{res}{space 2} 12.30853{col 39}{space 2} 5.443203{col 50}{space 1}    2.26{col 59}{space 3}0.058{col 67}{space 4} 1.995955{col 80}{space 3} 22.62111
{txt}{space 23}6  {c |}{col 27}{res}{space 2} 9.195436{col 39}{space 2} 9.278449{col 50}{space 1}    0.99{col 59}{space 3}0.355{col 67}{space 4}-8.383315{col 80}{space 3} 26.77419
{txt}{space 23}7  {c |}{col 27}{res}{space 2} 13.95501{col 39}{space 2} .6547391{col 50}{space 1}   21.31{col 59}{space 3}0.000{col 67}{space 4} 12.71455{col 80}{space 3} 15.19546
{txt}{space 23}8  {c |}{col 27}{res}{space 2}  21.4305{col 39}{space 2} 2.673329{col 50}{space 1}    8.02{col 59}{space 3}0.000{col 67}{space 4} 16.36567{col 80}{space 3} 26.49533
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} 8.083955{col 39}{space 2} 3.021548{col 50}{space 1}    2.68{col 59}{space 3}0.032{col 67}{space 4} 2.359395{col 80}{space 3} 13.80851
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.2009509{col 39}{space 2} .0628321{col 50}{space 1}   -3.20{col 59}{space 3}0.015{col 67}{space 4}-.3199913{col 80}{space 3}-.0819105
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-66.76775{col 39}{space 2} 35.96126{col 50}{space 1}   -1.86{col 59}{space 3}0.106{col 67}{space 4}-134.8992{col 80}{space 3} 1.363686
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}({res}est3{txt} stored)

{com}. eststo:  reg nonpub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq if ongoing_bailout==1,  cluster(country_id)  level(90)

{txt}Linear regression                                      Number of obs ={res}     106
                                                       {help j_robustsingular:F(  5,     7) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.2488
                                                       {txt}Root MSE      = {res} 2.3564

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1} nonpub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1402984{col 39}{space 2} .2733472{col 50}{space 1}   -0.51{col 59}{space 3}0.624{col 67}{space 4}-.6581762{col 80}{space 3} .3775795
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0673343{col 39}{space 2} .0136917{col 50}{space 1}    4.92{col 59}{space 3}0.002{col 67}{space 4} .0413943{col 80}{space 3} .0932742
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0021648{col 39}{space 2} .0176021{col 50}{space 1}   -0.12{col 59}{space 3}0.906{col 67}{space 4}-.0355134{col 80}{space 3} .0311838
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .2039969{col 39}{space 2} .0665078{col 50}{space 1}    3.07{col 59}{space 3}0.018{col 67}{space 4} .0779926{col 80}{space 3} .3300012
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} 2.306427{col 39}{space 2}  .190805{col 50}{space 1}   12.09{col 59}{space 3}0.000{col 67}{space 4} 1.944932{col 80}{space 3} 2.667922
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-.4205615{col 39}{space 2}  .620349{col 50}{space 1}   -0.68{col 59}{space 3}0.520{col 67}{space 4}-1.595861{col 80}{space 3} .7547385
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.994252{col 39}{space 2} .6964442{col 50}{space 1}    2.86{col 59}{space 3}0.024{col 67}{space 4}  .674784{col 80}{space 3} 3.313721
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.0054373{col 39}{space 2} .7192864{col 50}{space 1}   -0.01{col 59}{space 3}0.994{col 67}{space 4}-1.368182{col 80}{space 3} 1.357307
{txt}{space 23}6  {c |}{col 27}{res}{space 2} -.632928{col 39}{space 2} .9053218{col 50}{space 1}   -0.70{col 59}{space 3}0.507{col 67}{space 4}-2.348131{col 80}{space 3} 1.082275
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5398999{col 39}{space 2} .1545228{col 50}{space 1}    3.49{col 59}{space 3}0.010{col 67}{space 4} .2471444{col 80}{space 3} .8326555
{txt}{space 23}8  {c |}{col 27}{res}{space 2} .6777612{col 39}{space 2} .2616008{col 50}{space 1}    2.59{col 59}{space 3}0.036{col 67}{space 4} .1821379{col 80}{space 3} 1.173384
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4415078{col 39}{space 2} .1326082{col 50}{space 1}    3.33{col 59}{space 3}0.013{col 67}{space 4} .1902711{col 80}{space 3} .6927444
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0128303{col 39}{space 2} .0033412{col 50}{space 1}   -3.84{col 59}{space 3}0.006{col 67}{space 4}-.0191605{col 80}{space 3}-.0065002
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-1.616263{col 39}{space 2} 2.120612{col 50}{space 1}   -0.76{col 59}{space 3}0.471{col 67}{space 4}-5.633929{col 80}{space 3} 2.401404
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}({res}est4{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    pub_labour~s    sum_condit~s    nonpub_lab~s   
{txt}{hline 76}
{txt}A_governme~p{res}       -0.406**         0.174**        -0.955          -0.140   {txt}
            {res} {ralign 12:{txt:(}0.130{txt:)}}    {ralign 12:{txt:(}0.0641{txt:)}}    {ralign 12:{txt:(}1.300{txt:)}}    {ralign 12:{txt:(}0.273{txt:)}}   {txt}

{txt}M_sovereig~t{res}       0.0217          0.0171           0.411          0.0673***{txt}
            {res} {ralign 12:{txt:(}0.0368{txt:)}}    {ralign 12:{txt:(}0.0141{txt:)}}    {ralign 12:{txt:(}0.263{txt:)}}    {ralign 12:{txt:(}0.0137{txt:)}}   {txt}

{txt}M_bop       {res}       0.0523          0.0224          -0.264        -0.00216   {txt}
            {res} {ralign 12:{txt:(}0.0520{txt:)}}    {ralign 12:{txt:(}0.0209{txt:)}}    {ralign 12:{txt:(}0.239{txt:)}}    {ralign 12:{txt:(}0.0176{txt:)}}   {txt}

{txt}M_sovereig~e{res}       -0.117          0.0235           1.895**         0.204** {txt}
            {res} {ralign 12:{txt:(}0.0900{txt:)}}    {ralign 12:{txt:(}0.0959{txt:)}}    {ralign 12:{txt:(}0.573{txt:)}}    {ralign 12:{txt:(}0.0665{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -2.092***        0.356***        19.98***        2.306***{txt}
            {res} {ralign 12:{txt:(}0.216{txt:)}}    {ralign 12:{txt:(}0.0662{txt:)}}    {ralign 12:{txt:(}1.081{txt:)}}    {ralign 12:{txt:(}0.191{txt:)}}   {txt}

{txt}3.country_id{res}        2.995***       -0.433**         3.118          -0.421   {txt}
            {res} {ralign 12:{txt:(}0.388{txt:)}}    {ralign 12:{txt:(}0.135{txt:)}}    {ralign 12:{txt:(}3.148{txt:)}}    {ralign 12:{txt:(}0.620{txt:)}}   {txt}

{txt}4.country_id{res}        2.060**         0.918***        18.49***        1.994** {txt}
            {res} {ralign 12:{txt:(}0.621{txt:)}}    {ralign 12:{txt:(}0.0685{txt:)}}    {ralign 12:{txt:(}2.215{txt:)}}    {ralign 12:{txt:(}0.696{txt:)}}   {txt}

{txt}5.country_id{res}       -0.567           0.382**         12.31*       -0.00544   {txt}
            {res} {ralign 12:{txt:(}0.478{txt:)}}    {ralign 12:{txt:(}0.151{txt:)}}    {ralign 12:{txt:(}5.443{txt:)}}    {ralign 12:{txt:(}0.719{txt:)}}   {txt}

{txt}6.country_id{res}       -2.080**        -0.148           9.195          -0.633   {txt}
            {res} {ralign 12:{txt:(}0.849{txt:)}}    {ralign 12:{txt:(}0.447{txt:)}}    {ralign 12:{txt:(}9.278{txt:)}}    {ralign 12:{txt:(}0.905{txt:)}}   {txt}

{txt}7.country_id{res}       -1.942***        0.188***        13.96***        0.540** {txt}
            {res} {ralign 12:{txt:(}0.137{txt:)}}    {ralign 12:{txt:(}0.0349{txt:)}}    {ralign 12:{txt:(}0.655{txt:)}}    {ralign 12:{txt:(}0.155{txt:)}}   {txt}

{txt}8.country_id{res}       -1.215***        0.972***        21.43***        0.678** {txt}
            {res} {ralign 12:{txt:(}0.271{txt:)}}    {ralign 12:{txt:(}0.158{txt:)}}    {ralign 12:{txt:(}2.673{txt:)}}    {ralign 12:{txt:(}0.262{txt:)}}   {txt}

{txt}quarter_id  {res}        0.579          0.0854           8.084**         0.442** {txt}
            {res} {ralign 12:{txt:(}0.320{txt:)}}    {ralign 12:{txt:(}0.134{txt:)}}    {ralign 12:{txt:(}3.022{txt:)}}    {ralign 12:{txt:(}0.133{txt:)}}   {txt}

{txt}quarter_id~q{res}      -0.0155*       -0.00376          -0.201**       -0.0128***{txt}
            {res} {ralign 12:{txt:(}0.00742{txt:)}}    {ralign 12:{txt:(}0.00298{txt:)}}    {ralign 12:{txt:(}0.0628{txt:)}}    {ralign 12:{txt:(}0.00334{txt:)}}   {txt}

{txt}_cons       {res}        0.480          -0.688          -66.77          -1.616   {txt}
            {res} {ralign 12:{txt:(}3.432{txt:)}}    {ralign 12:{txt:(}1.725{txt:)}}    {ralign 12:{txt:(}35.96{txt:)}}    {ralign 12:{txt:(}2.121{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        493.0           308.1           912.8           479.5   {txt}
{txt}N           {res}          106             106             106             106   {txt}
{txt}N_zero      {res}                                                                {txt}
{txt}N_clust     {res}            8               8               8               8   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.4 - Population-averaged panel models for overdispersed dependent variables 
. eststo:  xtnbreg financial_conditions $xvar i.country_id quarter_id quarter_id_sq if ongoing_bailout==1

{txt}Fitting negative binomial (constant dispersion) model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res: -199.1154}  
Iteration 1:{space 3}log likelihood = {res:-198.76896}  
Iteration 2:{space 3}log likelihood = {res:-198.76839}  
Iteration 3:{space 3}log likelihood = {res:-198.76839}  
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-214.56667}  
Iteration 1:{space 3}log likelihood = {res: -210.7366}  
Iteration 2:{space 3}log likelihood = {res:-208.63607}  
Iteration 3:{space 3}log likelihood = {res:-208.63131}  
Iteration 4:{space 3}log likelihood = {res:-208.63131}  
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-208.63131}  
Iteration 1:{space 3}log likelihood = {res:-193.51525}  
Iteration 2:{space 3}log likelihood = {res:-188.04438}  
Iteration 3:{space 3}log likelihood = {res:-187.71786}  
Iteration 4:{space 3}log likelihood = {res:-187.70503}  
Iteration 5:{space 3}log likelihood = {res:-187.70502}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-200.88133}  
Iteration 1:{space 3}log likelihood = {res: -192.4962}  (not concave)
Iteration 2:{space 3}log likelihood = {res:-190.46214}  
Iteration 3:{space 3}log likelihood = {res:-189.13543}  
Iteration 4:{space 3}log likelihood = {res:-187.86771}  
Iteration 5:{space 3}log likelihood = {res:-187.72302}  
Iteration 6:{space 3}log likelihood = {res:-187.70834}  
Iteration 7:{space 3}log likelihood = {res:-187.70578}  
Iteration 8:{space 3}log likelihood = {res: -187.7052}  
Iteration 9:{space 3}log likelihood = {res:-187.70506}  
Iteration 10:{space 2}log likelihood = {res:-187.70503}  
Iteration 11:{space 2}log likelihood = {res:-187.70502}  
{res}
{txt}Random-effects negative binomial regression{col 49}Number of obs{col 68}={col 70}{res}      106
{txt}Group variable: {res}country_id{col 49}{txt}Number of groups{col 68}={col 70}{res}        8

{txt}Random effects u_i ~ {res}Beta{txt}{col 49}Obs per group: min{col 68}={col 70}{res}        6
{txt}{col 64}avg{col 68}={col 70}{res}     13.2
{txt}{col 64}max{col 68}={col 70}{res}       23

{txt}{col 49}Wald chi2({res}13{txt}){col 68}={col 70}{res}    42.30
{txt}Log likelihood  = {res}-187.70502{col 49}{txt}Prob > chi2{col 68}={res}{col 73}0.0001

{txt}{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}-.0798074{col 39}{space 2} .0728365{col 50}{space 1}   -1.10{col 59}{space 3}0.273{col 67}{space 4}-.2225644{col 80}{space 3} .0629495
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0089636{col 39}{space 2} .0229633{col 50}{space 1}    0.39{col 59}{space 3}0.696{col 67}{space 4}-.0360436{col 80}{space 3} .0539708
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}  .034081{col 39}{space 2} .0202218{col 50}{space 1}    1.69{col 59}{space 3}0.092{col 67}{space 4} -.005553{col 80}{space 3}  .073715
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0052248{col 39}{space 2} .0868666{col 50}{space 1}    0.06{col 59}{space 3}0.952{col 67}{space 4}-.1650307{col 80}{space 3} .1754803
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.245525{col 39}{space 2} .3906253{col 50}{space 1}   -3.19{col 59}{space 3}0.001{col 67}{space 4}-2.011137{col 80}{space 3}-.4799137
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .5491236{col 39}{space 2} .4076276{col 50}{space 1}    1.35{col 59}{space 3}0.178{col 67}{space 4}-.2498118{col 80}{space 3} 1.348059
{txt}{space 23}4  {c |}{col 27}{res}{space 2} .6153566{col 39}{space 2}  .399542{col 50}{space 1}    1.54{col 59}{space 3}0.124{col 67}{space 4}-.1677314{col 80}{space 3} 1.398445
{txt}{space 23}5  {c |}{col 27}{res}{space 2} -.154401{col 39}{space 2} .3889355{col 50}{space 1}   -0.40{col 59}{space 3}0.691{col 67}{space 4}-.9167005{col 80}{space 3} .6078986
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.3841687{col 39}{space 2} .5221167{col 50}{space 1}   -0.74{col 59}{space 3}0.462{col 67}{space 4}-1.407499{col 80}{space 3} .6391613
{txt}{space 23}7  {c |}{col 27}{res}{space 2} -1.53306{col 39}{space 2}  .554447{col 50}{space 1}   -2.77{col 59}{space 3}0.006{col 67}{space 4}-2.619756{col 80}{space 3}-.4463637
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.2457553{col 39}{space 2} .3129804{col 50}{space 1}   -0.79{col 59}{space 3}0.432{col 67}{space 4}-.8591857{col 80}{space 3} .3676751
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2}  .380581{col 39}{space 2}  .131221{col 50}{space 1}    2.90{col 59}{space 3}0.004{col 67}{space 4} .1233926{col 80}{space 3} .6377693
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2} -.009631{col 39}{space 2} .0030873{col 50}{space 1}   -3.12{col 59}{space 3}0.002{col 67}{space 4} -.015682{col 80}{space 3}  -.00358
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-2.112179{col 39}{space 2} 1.586596{col 50}{space 1}   -1.33{col 59}{space 3}0.183{col 67}{space 4}-5.221851{col 80}{space 3} .9974918
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    /ln_r {c |}{col 27}{res}{space 2} 19.08807{col 39}{space 2} 911.9023{col 67}{space 4}-1768.208{col 80}{space 3} 1806.384
{txt}                    /ln_s {c |}{col 27}{res}{space 2} 19.23389{col 39}{space 2} 911.9022{col 67}{space 4}-1768.062{col 80}{space 3} 1806.529
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                        r{col 27}{c |}{res}{space 2} 1.95e+08{col 39}{space 2} 1.78e+11{col 67}{space 4}        0{col 80}{space 3}        .
{col 1}{txt}                        s{col 27}{c |}{res}{space 2} 2.26e+08{col 39}{space 2} 2.06e+11{col 67}{space 4}        0{col 80}{space 3}        .
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Likelihood-ratio test vs. pooled: {help j_chibar##|_new:chibar2(01) = }{res} 1.5e-06{txt} Prob>=chibar2 = {res}0.500
{txt}({res}est1{txt} stored)

{com}. eststo:  xtpoisson pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq if ongoing_bailout==1

{txt}Fitting Poisson model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-97.626024}  
Iteration 1:{space 3}log likelihood = {res:-96.992926}  
Iteration 2:{space 3}log likelihood = {res:-96.905846}  
Iteration 3:{space 3}log likelihood = {res:-96.884856}  
Iteration 4:{space 3}log likelihood = {res:-96.880404}  
Iteration 5:{space 3}log likelihood = {res:-96.879823}  
Iteration 6:{space 3}log likelihood = {res:-96.879744}  
Iteration 7:{space 3}log likelihood = {res: -96.87973}  
Iteration 8:{space 3}log likelihood = {res:-96.879726}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-105.10647}  
Iteration 1:{space 3}log likelihood = {res:-96.879736}  
Iteration 2:{space 3}log likelihood = {res:-96.879726}  
{res}
{txt}Random-effects Poisson regression{col 49}Number of obs{col 68}={col 70}{res}      106
{txt}Group variable: {res}country_id{col 49}{txt}Number of groups{col 68}={col 70}{res}        8

{txt}Random effects u_i ~ {res}Gamma{txt}{col 49}Obs per group: min{col 68}={col 70}{res}        6
{txt}{col 64}avg{col 68}={col 70}{res}     13.2
{txt}{col 64}max{col 68}={col 70}{res}       23

{txt}{col 49}Wald chi2({res}13{txt}){col 68}={col 70}{res}    38.40
{txt}Log likelihood  = {res}-96.879726{col 49}{txt}Prob > chi2{col 68}={res}{col 73}0.0002

{txt}{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}  .321518{col 39}{space 2} .1424163{col 50}{space 1}    2.26{col 59}{space 3}0.024{col 67}{space 4} .0423871{col 80}{space 3} .6006489
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0306803{col 39}{space 2} .0343672{col 50}{space 1}    0.89{col 59}{space 3}0.372{col 67}{space 4}-.0366782{col 80}{space 3} .0980389
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0356601{col 39}{space 2} .0261829{col 50}{space 1}    1.36{col 59}{space 3}0.173{col 67}{space 4}-.0156574{col 80}{space 3} .0869776
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0346669{col 39}{space 2} .1053056{col 50}{space 1}    0.33{col 59}{space 3}0.742{col 67}{space 4}-.1717283{col 80}{space 3} .2410621
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .6799613{col 39}{space 2} .5681664{col 50}{space 1}    1.20{col 59}{space 3}0.231{col 67}{space 4}-.4336243{col 80}{space 3} 1.793547
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-20.31725{col 39}{space 2} 21158.15{col 50}{space 1}   -0.00{col 59}{space 3}0.999{col 67}{space 4}-41489.53{col 80}{space 3} 41448.89
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.679895{col 39}{space 2} .8213418{col 50}{space 1}    3.26{col 59}{space 3}0.001{col 67}{space 4} 1.070095{col 80}{space 3} 4.289696
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .3262926{col 39}{space 2} .6078299{col 50}{space 1}    0.54{col 59}{space 3}0.591{col 67}{space 4}-.8650322{col 80}{space 3} 1.517617
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.1682598{col 39}{space 2} .9168232{col 50}{space 1}   -0.18{col 59}{space 3}0.854{col 67}{space 4}  -1.9652{col 80}{space 3} 1.628681
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5497415{col 39}{space 2}  .599981{col 50}{space 1}    0.92{col 59}{space 3}0.360{col 67}{space 4}-.6261996{col 80}{space 3} 1.725683
{txt}{space 23}8  {c |}{col 27}{res}{space 2}  1.31684{col 39}{space 2} .5277908{col 50}{space 1}    2.50{col 59}{space 3}0.013{col 67}{space 4} .2823888{col 80}{space 3} 2.351291
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4927165{col 39}{space 2} .1846505{col 50}{space 1}    2.67{col 59}{space 3}0.008{col 67}{space 4} .1308081{col 80}{space 3} .8546248
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0163025{col 39}{space 2} .0049955{col 50}{space 1}   -3.26{col 59}{space 3}0.001{col 67}{space 4}-.0260936{col 80}{space 3}-.0065114
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.007938{col 39}{space 2} 1.979001{col 50}{space 1}   -3.04{col 59}{space 3}0.002{col 67}{space 4}-9.886709{col 80}{space 3}-2.129167
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-18.38597{col 39}{space 2} 920.3993{col 67}{space 4}-1822.335{col 80}{space 3} 1785.564
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.04e-08{col 39}{space 2} 9.53e-06{col 67}{space 4}        0{col 80}{space 3}        .
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Likelihood-ratio test of alpha=0: {help j_chibar##|_new:chibar2(01) = }{res} 1.2e-06{txt} Prob>=chibar2 = {res}0.500
{txt}({res}est2{txt} stored)

{com}. eststo:  xtnbreg sum_conditions $xvar i.country_id quarter_id quarter_id_sq ongoing_bailout if ongoing_bailout==1
{txt}note: ongoing_bailout omitted because of collinearity

Fitting negative binomial (constant dispersion) model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-785.98597}  
Iteration 1:{space 3}log likelihood = {res:-785.42015}  
Iteration 2:{space 3}log likelihood = {res:-785.41941}  
Iteration 3:{space 3}log likelihood = {res:-785.41941}  
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-761.38963}  
Iteration 1:{space 3}log likelihood = {res: -630.3554}  
Iteration 2:{space 3}log likelihood = {res:-409.79376}  
Iteration 3:{space 3}log likelihood = {res:-394.58764}  
Iteration 4:{space 3}log likelihood = {res:-394.57377}  
Iteration 5:{space 3}log likelihood = {res:-394.57377}  
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-394.57377}  
Iteration 1:{space 3}log likelihood = {res:-392.28645}  
Iteration 2:{space 3}log likelihood = {res:-372.68956}  
Iteration 3:{space 3}log likelihood = {res:-372.02953}  
Iteration 4:{space 3}log likelihood = {res:-372.02863}  
Iteration 5:{space 3}log likelihood = {res:-372.02863}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-573.55732}  (not concave)
Iteration 1:{space 3}log likelihood = {res: -403.6776}  (not concave)
Iteration 2:{space 3}log likelihood = {res:-387.39527}  
Iteration 3:{space 3}log likelihood = {res:-376.48911}  (not concave)
Iteration 4:{space 3}log likelihood = {res:-373.18742}  
Iteration 5:{space 3}log likelihood = {res:-372.55615}  
Iteration 6:{space 3}log likelihood = {res:-372.15105}  
Iteration 7:{space 3}log likelihood = {res:-372.06091}  
Iteration 8:{space 3}log likelihood = {res:-372.03602}  
Iteration 9:{space 3}log likelihood = {res:-372.03036}  
Iteration 10:{space 2}log likelihood = {res:-372.02902}  
Iteration 11:{space 2}log likelihood = {res:-372.02871}  
Iteration 12:{space 2}log likelihood = {res:-372.02865}  
Iteration 13:{space 2}log likelihood = {res:-372.02864}  
{res}
{txt}Random-effects negative binomial regression{col 49}Number of obs{col 68}={col 70}{res}      106
{txt}Group variable: {res}country_id{col 49}{txt}Number of groups{col 68}={col 70}{res}        8

{txt}Random effects u_i ~ {res}Beta{txt}{col 49}Obs per group: min{col 68}={col 70}{res}        6
{txt}{col 64}avg{col 68}={col 70}{res}     13.2
{txt}{col 64}max{col 68}={col 70}{res}       23

{txt}{col 49}Wald chi2({res}13{txt}){col 68}={col 70}{res}    48.21
{txt}Log likelihood  = {res}-372.02864{col 49}{txt}Prob > chi2{col 68}={res}{col 73}0.0000

{txt}{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}           sum_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2} .0263317{col 39}{space 2} .0745733{col 50}{space 1}    0.35{col 59}{space 3}0.724{col 67}{space 4}-.1198293{col 80}{space 3} .1724927
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0184095{col 39}{space 2} .0143708{col 50}{space 1}    1.28{col 59}{space 3}0.200{col 67}{space 4}-.0097567{col 80}{space 3} .0465756
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0046242{col 39}{space 2} .0178012{col 50}{space 1}   -0.26{col 59}{space 3}0.795{col 67}{space 4}-.0395139{col 80}{space 3} .0302655
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1214247{col 39}{space 2} .0631026{col 50}{space 1}    1.92{col 59}{space 3}0.054{col 67}{space 4}-.0022542{col 80}{space 3} .2451036
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .6701086{col 39}{space 2} .3170256{col 50}{space 1}    2.11{col 59}{space 3}0.035{col 67}{space 4} .0487499{col 80}{space 3} 1.291467
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-.4068297{col 39}{space 2} .5422591{col 50}{space 1}   -0.75{col 59}{space 3}0.453{col 67}{space 4}-1.469638{col 80}{space 3} .6559786
{txt}{space 23}4  {c |}{col 27}{res}{space 2} .7978747{col 39}{space 2} .4260809{col 50}{space 1}    1.87{col 59}{space 3}0.061{col 67}{space 4}-.0372284{col 80}{space 3} 1.632978
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .8143027{col 39}{space 2} .3994684{col 50}{space 1}    2.04{col 59}{space 3}0.042{col 67}{space 4}  .031359{col 80}{space 3} 1.597246
{txt}{space 23}6  {c |}{col 27}{res}{space 2} .7722438{col 39}{space 2} .5196749{col 50}{space 1}    1.49{col 59}{space 3}0.137{col 67}{space 4}-.2463003{col 80}{space 3} 1.790788
{txt}{space 23}7  {c |}{col 27}{res}{space 2}  .303285{col 39}{space 2}  .346347{col 50}{space 1}    0.88{col 59}{space 3}0.381{col 67}{space 4}-.3755427{col 80}{space 3} .9821127
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.204333{col 39}{space 2} .3176497{col 50}{space 1}    3.79{col 59}{space 3}0.000{col 67}{space 4}  .581751{col 80}{space 3} 1.826915
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .6274096{col 39}{space 2} .1210753{col 50}{space 1}    5.18{col 59}{space 3}0.000{col 67}{space 4} .3901064{col 80}{space 3} .8647127
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0145707{col 39}{space 2} .0027792{col 50}{space 1}   -5.24{col 59}{space 3}0.000{col 67}{space 4}-.0200178{col 80}{space 3}-.0091236
{txt}{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}        0{col 39}{txt}  (omitted)
{space 20}_cons {c |}{col 27}{res}{space 2}-7.112469{col 39}{space 2} 1.419667{col 50}{space 1}   -5.01{col 59}{space 3}0.000{col 67}{space 4}-9.894966{col 80}{space 3}-4.329972
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    /ln_r {c |}{col 27}{res}{space 2} 15.84969{col 39}{space 2} 631.7944{col 67}{space 4}-1222.445{col 80}{space 3} 1254.144
{txt}                    /ln_s {c |}{col 27}{res}{space 2}  18.5341{col 39}{space 2} 631.7945{col 67}{space 4} -1219.76{col 80}{space 3} 1256.829
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                        r{col 27}{c |}{res}{space 2}  7645964{col 39}{space 2} 4.83e+09{col 67}{space 4}        0{col 80}{space 3}        .
{col 1}{txt}                        s{col 27}{c |}{res}{space 2} 1.12e+08{col 39}{space 2} 7.08e+10{col 67}{space 4}        0{col 80}{space 3}        .
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Likelihood-ratio test vs. pooled: {help j_chibar##|_new:chibar2(01) = }{res}    0.00{txt} Prob>=chibar2 = {res}1.000
{txt}({res}est3{txt} stored)

{com}. eststo:  xtnbreg nonpub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq ongoing_bailout if ongoing_bailout==1
{txt}note: ongoing_bailout omitted because of collinearity

Fitting negative binomial (constant dispersion) model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-183.91355}  
Iteration 1:{space 3}log likelihood = {res:-183.08716}  
Iteration 2:{space 3}log likelihood = {res:-182.89127}  
Iteration 3:{space 3}log likelihood = {res:-182.85177}  
Iteration 4:{space 3}log likelihood = {res:-182.84345}  
Iteration 5:{space 3}log likelihood = {res: -182.8415}  
Iteration 6:{space 3}log likelihood = {res:-182.84105}  
Iteration 7:{space 3}log likelihood = {res:-182.84095}  
Iteration 8:{space 3}log likelihood = {res:-182.84093}  
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-187.58245}  
Iteration 1:{space 3}log likelihood = {res:-182.70603}  
Iteration 2:{space 3}log likelihood = {res:-178.83271}  
Iteration 3:{space 3}log likelihood = {res:-178.83255}  
Iteration 4:{space 3}log likelihood = {res:-178.83255}  
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-178.83255}  
Iteration 1:{space 3}log likelihood = {res:-175.46965}  
Iteration 2:{space 3}log likelihood = {res:-164.81902}  
Iteration 3:{space 3}log likelihood = {res:-163.24317}  
Iteration 4:{space 3}log likelihood = {res: -163.0628}  
Iteration 5:{space 3}log likelihood = {res:-163.02582}  
Iteration 6:{space 3}log likelihood = {res:-163.01755}  
Iteration 7:{space 3}log likelihood = {res:-163.01552}  
Iteration 8:{space 3}log likelihood = {res: -163.0151}  
Iteration 9:{space 3}log likelihood = {res:-163.01501}  
Iteration 10:{space 2}log likelihood = {res:-163.01499}  
Iteration 11:{space 2}log likelihood = {res:-163.01499}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log likelihood = {res:-173.92715}  
Iteration 1:{space 3}log likelihood = {res:-163.32492}  
Iteration 2:{space 3}log likelihood = {res:-162.66393}  
Iteration 3:{space 3}log likelihood = {res:-162.64195}  
Iteration 4:{space 3}log likelihood = {res:-162.64095}  
Iteration 5:{space 3}log likelihood = {res:-162.64095}  
{res}
{txt}Random-effects negative binomial regression{col 49}Number of obs{col 68}={col 70}{res}      106
{txt}Group variable: {res}country_id{col 49}{txt}Number of groups{col 68}={col 70}{res}        8

{txt}Random effects u_i ~ {res}Beta{txt}{col 49}Obs per group: min{col 68}={col 70}{res}        6
{txt}{col 64}avg{col 68}={col 70}{res}     13.2
{txt}{col 64}max{col 68}={col 70}{res}       23

{txt}{col 49}Wald chi2({res}13{txt}){col 68}={col 70}{res}    17.12
{txt}Log likelihood  = {res}-162.64095{col 49}{txt}Prob > chi2{col 68}={res}{col 73}0.1940

{txt}{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1} nonpub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
A_government_partisanship {c |}{col 27}{res}{space 2}-.0180313{col 39}{space 2} .0901633{col 50}{space 1}   -0.20{col 59}{space 3}0.841{col 67}{space 4}-.1947482{col 80}{space 3} .1586856
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0363098{col 39}{space 2} .0259688{col 50}{space 1}    1.40{col 59}{space 3}0.162{col 67}{space 4}-.0145881{col 80}{space 3} .0872077
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0051931{col 39}{space 2} .0239852{col 50}{space 1}    0.22{col 59}{space 3}0.829{col 67}{space 4} -.041817{col 80}{space 3} .0522033
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1636625{col 39}{space 2} .1007807{col 50}{space 1}    1.62{col 59}{space 3}0.104{col 67}{space 4} -.033864{col 80}{space 3}  .361189
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.1343442{col 39}{space 2} .8084968{col 50}{space 1}   -0.17{col 59}{space 3}0.868{col 67}{space 4}-1.718969{col 80}{space 3}  1.45028
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-18.49497{col 39}{space 2} 5902.426{col 50}{space 1}   -0.00{col 59}{space 3}0.997{col 67}{space 4}-11587.04{col 80}{space 3} 11550.05
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.598413{col 39}{space 2}  .946468{col 50}{space 1}    1.69{col 59}{space 3}0.091{col 67}{space 4}-.2566301{col 80}{space 3} 3.453456
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .7371217{col 39}{space 2} .9289644{col 50}{space 1}    0.79{col 59}{space 3}0.427{col 67}{space 4}-1.083615{col 80}{space 3} 2.557858
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0532307{col 39}{space 2} 1.005115{col 50}{space 1}   -0.05{col 59}{space 3}0.958{col 67}{space 4} -2.02322{col 80}{space 3} 1.916759
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.3674423{col 39}{space 2} .8519651{col 50}{space 1}   -0.43{col 59}{space 3}0.666{col 67}{space 4}-2.037263{col 80}{space 3} 1.302379
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.628721{col 39}{space 2} 1.016502{col 50}{space 1}    1.60{col 59}{space 3}0.109{col 67}{space 4}-.3635865{col 80}{space 3} 3.621028
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3099048{col 39}{space 2} .1477849{col 50}{space 1}    2.10{col 59}{space 3}0.036{col 67}{space 4} .0202518{col 80}{space 3} .5995578
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0079639{col 39}{space 2} .0034635{col 50}{space 1}   -2.30{col 59}{space 3}0.021{col 67}{space 4}-.0147522{col 80}{space 3}-.0011755
{txt}{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}        0{col 39}{txt}  (omitted)
{space 20}_cons {c |}{col 27}{res}{space 2}-3.390967{col 39}{space 2} 1.832557{col 50}{space 1}   -1.85{col 59}{space 3}0.064{col 67}{space 4}-6.982713{col 80}{space 3} .2007795
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    /ln_r {c |}{col 27}{res}{space 2} 1.332983{col 39}{space 2} 1.178856{col 67}{space 4}-.9775323{col 80}{space 3} 3.643497
{txt}                    /ln_s {c |}{col 27}{res}{space 2} 1.773482{col 39}{space 2} 1.334988{col 67}{space 4} -.843047{col 80}{space 3} 4.390011
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                        r{col 27}{c |}{res}{space 2} 3.792337{col 39}{space 2} 4.470619{col 67}{space 4} .3762384{col 80}{space 3} 38.22529
{col 1}{txt}                        s{col 27}{c |}{res}{space 2} 5.891332{col 39}{space 2}  7.86486{col 67}{space 4} .4303971{col 80}{space 3} 80.64133
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Likelihood-ratio test vs. pooled: {help j_chibar##|_new:chibar2(01) = }{res}    0.75{txt} Prob>=chibar2 = {res}0.194
{txt}({res}est4{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    pub_labour~s    sum_condit~s    nonpub_lab~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}A_governme~p{res}      -0.0798           0.322**        0.0263         -0.0180   {txt}
            {res} {ralign 12:{txt:(}0.0728{txt:)}}    {ralign 12:{txt:(}0.142{txt:)}}    {ralign 12:{txt:(}0.0746{txt:)}}    {ralign 12:{txt:(}0.0902{txt:)}}   {txt}

{txt}M_sovereig~t{res}      0.00896          0.0307          0.0184          0.0363   {txt}
            {res} {ralign 12:{txt:(}0.0230{txt:)}}    {ralign 12:{txt:(}0.0344{txt:)}}    {ralign 12:{txt:(}0.0144{txt:)}}    {ralign 12:{txt:(}0.0260{txt:)}}   {txt}

{txt}M_bop       {res}       0.0341*         0.0357        -0.00462         0.00519   {txt}
            {res} {ralign 12:{txt:(}0.0202{txt:)}}    {ralign 12:{txt:(}0.0262{txt:)}}    {ralign 12:{txt:(}0.0178{txt:)}}    {ralign 12:{txt:(}0.0240{txt:)}}   {txt}

{txt}M_sovereig~e{res}      0.00522          0.0347           0.121*          0.164   {txt}
            {res} {ralign 12:{txt:(}0.0869{txt:)}}    {ralign 12:{txt:(}0.105{txt:)}}    {ralign 12:{txt:(}0.0631{txt:)}}    {ralign 12:{txt:(}0.101{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.246***        0.680           0.670**        -0.134   {txt}
            {res} {ralign 12:{txt:(}0.391{txt:)}}    {ralign 12:{txt:(}0.568{txt:)}}    {ralign 12:{txt:(}0.317{txt:)}}    {ralign 12:{txt:(}0.808{txt:)}}   {txt}

{txt}3.country_id{res}        0.549          -20.32          -0.407          -18.49   {txt}
            {res} {ralign 12:{txt:(}0.408{txt:)}}    {ralign 12:{txt:(}21158.1{txt:)}}    {ralign 12:{txt:(}0.542{txt:)}}    {ralign 12:{txt:(}5902.4{txt:)}}   {txt}

{txt}4.country_id{res}        0.615           2.680***        0.798*          1.598*  {txt}
            {res} {ralign 12:{txt:(}0.400{txt:)}}    {ralign 12:{txt:(}0.821{txt:)}}    {ralign 12:{txt:(}0.426{txt:)}}    {ralign 12:{txt:(}0.946{txt:)}}   {txt}

{txt}5.country_id{res}       -0.154           0.326           0.814**         0.737   {txt}
            {res} {ralign 12:{txt:(}0.389{txt:)}}    {ralign 12:{txt:(}0.608{txt:)}}    {ralign 12:{txt:(}0.399{txt:)}}    {ralign 12:{txt:(}0.929{txt:)}}   {txt}

{txt}6.country_id{res}       -0.384          -0.168           0.772         -0.0532   {txt}
            {res} {ralign 12:{txt:(}0.522{txt:)}}    {ralign 12:{txt:(}0.917{txt:)}}    {ralign 12:{txt:(}0.520{txt:)}}    {ralign 12:{txt:(}1.005{txt:)}}   {txt}

{txt}7.country_id{res}       -1.533***        0.550           0.303          -0.367   {txt}
            {res} {ralign 12:{txt:(}0.554{txt:)}}    {ralign 12:{txt:(}0.600{txt:)}}    {ralign 12:{txt:(}0.346{txt:)}}    {ralign 12:{txt:(}0.852{txt:)}}   {txt}

{txt}8.country_id{res}       -0.246           1.317**         1.204***        1.629   {txt}
            {res} {ralign 12:{txt:(}0.313{txt:)}}    {ralign 12:{txt:(}0.528{txt:)}}    {ralign 12:{txt:(}0.318{txt:)}}    {ralign 12:{txt:(}1.017{txt:)}}   {txt}

{txt}quarter_id  {res}        0.381***        0.493***        0.627***        0.310** {txt}
            {res} {ralign 12:{txt:(}0.131{txt:)}}    {ralign 12:{txt:(}0.185{txt:)}}    {ralign 12:{txt:(}0.121{txt:)}}    {ralign 12:{txt:(}0.148{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00963***      -0.0163***      -0.0146***     -0.00796** {txt}
            {res} {ralign 12:{txt:(}0.00309{txt:)}}    {ralign 12:{txt:(}0.00500{txt:)}}    {ralign 12:{txt:(}0.00278{txt:)}}    {ralign 12:{txt:(}0.00346{txt:)}}   {txt}

{txt}ongoing_ba~t{res}                                            0               0   {txt}
            {res}                                 {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}_cons       {res}       -2.112          -6.008***       -7.112***       -3.391*  {txt}
            {res} {ralign 12:{txt:(}1.587{txt:)}}    {ralign 12:{txt:(}1.979{txt:)}}    {ralign 12:{txt:(}1.420{txt:)}}    {ralign 12:{txt:(}1.833{txt:)}}   {txt}
{hline 76}
{res}ln_r                                                                        {txt}
{txt}_cons       {res}        19.09                           15.85           1.333   {txt}
            {res} {ralign 12:{txt:(}911.9{txt:)}}                    {ralign 12:{txt:(}631.8{txt:)}}    {ralign 12:{txt:(}1.179{txt:)}}   {txt}
{hline 76}
{res}ln_s                                                                        {txt}
{txt}_cons       {res}        19.23                           18.53           1.773   {txt}
            {res} {ralign 12:{txt:(}911.9{txt:)}}                    {ralign 12:{txt:(}631.8{txt:)}}    {ralign 12:{txt:(}1.335{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}                       -18.39                                   {txt}
            {res}                 {ralign 12:{txt:(}920.4{txt:)}}                                   {txt}
{txt}{hline 76}
{txt}aic         {res}        407.4           223.8           776.1           357.3   {txt}
{txt}N           {res}          106             106             106             106   {txt}
{txt}N_zero      {res}                                                                {txt}
{txt}N_clust     {res}                                                                {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.5 - Other lags of the government partisanship variable
. sort country_id quarter_id
{txt}
{com}. gen lgovernment_partisanship = l.government_partisanship
{txt}(8 missing values generated)

{com}. eststo:  zinb financial_conditions lgovernment_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}   218.41
{txt}Log pseudolikelihood = {res}-187.3662                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
{space 1}lgovernment_partisanship {c |}{col 27}{res}{space 2}-.1256966{col 39}{space 2} .1517002{col 50}{space 1}   -0.83{col 59}{space 3}0.407{col 67}{space 4}-.3752213{col 80}{space 3}  .123828
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0201618{col 39}{space 2} .0181046{col 50}{space 1}    1.11{col 59}{space 3}0.265{col 67}{space 4}-.0096177{col 80}{space 3} .0499413
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0107221{col 39}{space 2} .0128474{col 50}{space 1}    0.83{col 59}{space 3}0.404{col 67}{space 4}-.0104099{col 80}{space 3} .0318542
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0650155{col 39}{space 2} .0505171{col 50}{space 1}   -1.29{col 59}{space 3}0.198{col 67}{space 4}-.1481087{col 80}{space 3} .0180777
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.9731331{col 39}{space 2} .2873233{col 50}{space 1}   -3.39{col 59}{space 3}0.001{col 67}{space 4}-1.445738{col 80}{space 3}-.5005283
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.329989{col 39}{space 2} .4971547{col 50}{space 1}    2.68{col 59}{space 3}0.007{col 67}{space 4} .5122424{col 80}{space 3} 2.147736
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.652015{col 39}{space 2} .4189677{col 50}{space 1}    3.94{col 59}{space 3}0.000{col 67}{space 4} .9628747{col 80}{space 3} 2.341156
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5056148{col 39}{space 2} .4448114{col 50}{space 1}   -1.14{col 59}{space 3}0.256{col 67}{space 4}-1.237264{col 80}{space 3} .2260349
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.9698644{col 39}{space 2} .3934338{col 50}{space 1}   -2.47{col 59}{space 3}0.014{col 67}{space 4}-1.617005{col 80}{space 3}-.3227235
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.5671938{col 39}{space 2}  .642556{col 50}{space 1}   -0.88{col 59}{space 3}0.377{col 67}{space 4}-1.624104{col 80}{space 3} .4897167
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.2437979{col 39}{space 2} .1786908{col 50}{space 1}   -1.36{col 59}{space 3}0.172{col 67}{space 4}-.5377182{col 80}{space 3} .0501223
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3217476{col 39}{space 2} .1507481{col 50}{space 1}    2.13{col 59}{space 3}0.033{col 67}{space 4} .0737891{col 80}{space 3} .5697061
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0101583{col 39}{space 2} .0033212{col 50}{space 1}   -3.06{col 59}{space 3}0.002{col 67}{space 4}-.0156211{col 80}{space 3}-.0046955
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-.1945171{col 39}{space 2} 1.425242{col 50}{space 1}   -0.14{col 59}{space 3}0.891{col 67}{space 4}-2.538831{col 80}{space 3} 2.149797
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.788114{col 39}{space 2} 1.009653{col 50}{space 1}   -5.73{col 59}{space 3}0.000{col 67}{space 4}-7.448845{col 80}{space 3}-4.127382
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.483271{col 39}{space 2} 1.046695{col 50}{space 1}    4.28{col 59}{space 3}0.000{col 67}{space 4} 2.761612{col 80}{space 3}  6.20493
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-3.173412{col 39}{space 2} .9897522{col 50}{space 1}   -3.21{col 59}{space 3}0.001{col 67}{space 4}-4.801409{col 80}{space 3}-1.545414
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0418605{col 39}{space 2} .0414316{col 67}{space 4} .0082182{col 80}{space 3} .2132235
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb financial_conditions government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}   276.62
{txt}Log pseudolikelihood = {res}-186.3606                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
{space 2}government_partisanship {c |}{col 27}{res}{space 2}-.2472682{col 39}{space 2} .0931863{col 50}{space 1}   -2.65{col 59}{space 3}0.008{col 67}{space 4} -.400546{col 80}{space 3}-.0939903
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0162434{col 39}{space 2} .0182447{col 50}{space 1}    0.89{col 59}{space 3}0.373{col 67}{space 4}-.0137665{col 80}{space 3} .0462533
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}  .012086{col 39}{space 2}  .012592{col 50}{space 1}    0.96{col 59}{space 3}0.337{col 67}{space 4}-.0086261{col 80}{space 3}  .032798
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0734795{col 39}{space 2} .0568202{col 50}{space 1}   -1.29{col 59}{space 3}0.196{col 67}{space 4}-.1669404{col 80}{space 3} .0199814
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.9445747{col 39}{space 2}  .317336{col 50}{space 1}   -2.98{col 59}{space 3}0.003{col 67}{space 4}-1.466546{col 80}{space 3}-.4226034
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.611729{col 39}{space 2} .4420926{col 50}{space 1}    3.65{col 59}{space 3}0.000{col 67}{space 4} .8845509{col 80}{space 3} 2.338906
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.020681{col 39}{space 2} .2822359{col 50}{space 1}    7.16{col 59}{space 3}0.000{col 67}{space 4} 1.556444{col 80}{space 3} 2.484918
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.3275723{col 39}{space 2} .3141728{col 50}{space 1}   -1.04{col 59}{space 3}0.297{col 67}{space 4}-.8443406{col 80}{space 3}  .189196
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.179657{col 39}{space 2} .3715138{col 50}{space 1}   -3.18{col 59}{space 3}0.001{col 67}{space 4}-1.790743{col 80}{space 3}-.5685711
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.2625965{col 39}{space 2} .6283299{col 50}{space 1}   -0.42{col 59}{space 3}0.676{col 67}{space 4}-1.296107{col 80}{space 3} .7709143
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3325215{col 39}{space 2} .1768609{col 50}{space 1}   -1.88{col 59}{space 3}0.060{col 67}{space 4}-.6234318{col 80}{space 3}-.0416112
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3252845{col 39}{space 2} .1360381{col 50}{space 1}    2.39{col 59}{space 3}0.017{col 67}{space 4} .1015218{col 80}{space 3} .5490472
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0104153{col 39}{space 2} .0029923{col 50}{space 1}   -3.48{col 59}{space 3}0.001{col 67}{space 4}-.0153372{col 80}{space 3}-.0054933
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .5344976{col 39}{space 2} 1.552356{col 50}{space 1}    0.34{col 59}{space 3}0.731{col 67}{space 4}-2.018902{col 80}{space 3} 3.087897
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.700416{col 39}{space 2} 1.007468{col 50}{space 1}   -5.66{col 59}{space 3}0.000{col 67}{space 4}-7.357553{col 80}{space 3}-4.043279
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.482556{col 39}{space 2} 1.037844{col 50}{space 1}    4.32{col 59}{space 3}0.000{col 67}{space 4} 2.775454{col 80}{space 3} 6.189658
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -3.89316{col 39}{space 2} 1.647381{col 50}{space 1}   -2.36{col 59}{space 3}0.018{col 67}{space 4}-6.602861{col 80}{space 3}-1.183459
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0203808{col 39}{space 2}  .033575{col 67}{space 4} .0013565{col 80}{space 3} .3062178
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. eststo:  zinb pub_labour_conditions lgovernment_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}  3998.88
{txt}Log pseudolikelihood = {res} -105.747                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
{space 1}lgovernment_partisanship {c |}{col 27}{res}{space 2} .4727258{col 39}{space 2}  .172343{col 50}{space 1}    2.74{col 59}{space 3}0.006{col 67}{space 4} .1892467{col 80}{space 3} .7562048
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0293505{col 39}{space 2} .0303357{col 50}{space 1}    0.97{col 59}{space 3}0.333{col 67}{space 4}-.0205473{col 80}{space 3} .0792483
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0187896{col 39}{space 2} .0238209{col 50}{space 1}    0.79{col 59}{space 3}0.430{col 67}{space 4}-.0203924{col 80}{space 3} .0579715
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .096966{col 39}{space 2} .1117123{col 50}{space 1}    0.87{col 59}{space 3}0.385{col 67}{space 4}-.0867844{col 80}{space 3} .2807164
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .6857866{col 39}{space 2} .5887083{col 50}{space 1}    1.16{col 59}{space 3}0.244{col 67}{space 4}-.2825523{col 80}{space 3} 1.654125
{txt}{space 23}3  {c |}{col 27}{res}{space 2} -19.5075{col 39}{space 2} .6705097{col 50}{space 1}  -29.09{col 59}{space 3}0.000{col 67}{space 4}-20.61039{col 80}{space 3}-18.40461
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.768879{col 39}{space 2}  .666722{col 50}{space 1}    2.65{col 59}{space 3}0.008{col 67}{space 4} .6722192{col 80}{space 3} 2.865539
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .0236371{col 39}{space 2} .6124323{col 50}{space 1}    0.04{col 59}{space 3}0.969{col 67}{space 4}-.9837245{col 80}{space 3} 1.030999
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0820952{col 39}{space 2} 1.219309{col 50}{space 1}   -0.07{col 59}{space 3}0.946{col 67}{space 4} -2.08768{col 80}{space 3} 1.923489
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .3308039{col 39}{space 2} .4643086{col 50}{space 1}    0.71{col 59}{space 3}0.476{col 67}{space 4}-.4329158{col 80}{space 3} 1.094524
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.661415{col 39}{space 2} .6268228{col 50}{space 1}    2.65{col 59}{space 3}0.008{col 67}{space 4} .6303834{col 80}{space 3} 2.692447
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4184587{col 39}{space 2}  .164262{col 50}{space 1}    2.55{col 59}{space 3}0.011{col 67}{space 4} .1482717{col 80}{space 3} .6886456
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0142936{col 39}{space 2}  .003957{col 50}{space 1}   -3.61{col 59}{space 3}0.000{col 67}{space 4}-.0208023{col 80}{space 3}-.0077849
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.099298{col 39}{space 2} 2.178957{col 50}{space 1}   -2.80{col 59}{space 3}0.005{col 67}{space 4}-9.683364{col 80}{space 3}-2.515232
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.558433{col 39}{space 2} .9445756{col 50}{space 1}   -4.83{col 59}{space 3}0.000{col 67}{space 4}-6.112122{col 80}{space 3}-3.004744
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.741534{col 39}{space 2}  .915382{col 50}{space 1}    2.99{col 59}{space 3}0.003{col 67}{space 4} 1.235865{col 80}{space 3} 4.247203
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-13.62322{col 39}{space 2} 8.739196{col 50}{space 1}   -1.56{col 59}{space 3}0.119{col 67}{space 4}-27.99792{col 80}{space 3} .7514761
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.21e-06{col 39}{space 2} .0000106{col 67}{space 4} 6.93e-13{col 80}{space 3} 2.120127
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est3{txt} stored)

{com}. eststo:  zinb pub_labour_conditions government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(quarter_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}  3014.48
{txt}Log pseudolikelihood = {res}-107.6628                  {txt}Prob > chi2     =  {res}   0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:28} clusters in quarter_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
{space 2}government_partisanship {c |}{col 27}{res}{space 2} .3199632{col 39}{space 2} .2604112{col 50}{space 1}    1.23{col 59}{space 3}0.219{col 67}{space 4}-.1083751{col 80}{space 3} .7483016
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0409289{col 39}{space 2} .0354529{col 50}{space 1}    1.15{col 59}{space 3}0.248{col 67}{space 4}-.0173859{col 80}{space 3} .0992437
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0284594{col 39}{space 2} .0292429{col 50}{space 1}    0.97{col 59}{space 3}0.330{col 67}{space 4} -.019641{col 80}{space 3} .0765598
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0621438{col 39}{space 2} .0977485{col 50}{space 1}    0.64{col 59}{space 3}0.525{col 67}{space 4}-.0986382{col 80}{space 3} .2229258
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .5656426{col 39}{space 2} .5985743{col 50}{space 1}    0.94{col 59}{space 3}0.345{col 67}{space 4}-.4189244{col 80}{space 3}  1.55021
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-14.25635{col 39}{space 2} .7936535{col 50}{space 1}  -17.96{col 59}{space 3}0.000{col 67}{space 4} -15.5618{col 80}{space 3}-12.95091
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.642022{col 39}{space 2} .7939117{col 50}{space 1}    2.07{col 59}{space 3}0.039{col 67}{space 4} .3361535{col 80}{space 3} 2.947891
{txt}{space 23}5  {c |}{col 27}{res}{space 2}  .421223{col 39}{space 2} .8101024{col 50}{space 1}    0.52{col 59}{space 3}0.603{col 67}{space 4}-.9112768{col 80}{space 3} 1.753723
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.2519373{col 39}{space 2}  1.18974{col 50}{space 1}   -0.21{col 59}{space 3}0.832{col 67}{space 4}-2.208885{col 80}{space 3}  1.70501
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .3418739{col 39}{space 2} .5652247{col 50}{space 1}    0.60{col 59}{space 3}0.545{col 67}{space 4}-.5878381{col 80}{space 3} 1.271586
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.557797{col 39}{space 2}   .73131{col 50}{space 1}    2.13{col 59}{space 3}0.033{col 67}{space 4} .3548991{col 80}{space 3} 2.760695
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2}  .447508{col 39}{space 2} .1696055{col 50}{space 1}    2.64{col 59}{space 3}0.008{col 67}{space 4} .1685318{col 80}{space 3} .7264843
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0143336{col 39}{space 2} .0038868{col 50}{space 1}   -3.69{col 59}{space 3}0.000{col 67}{space 4}-.0207268{col 80}{space 3}-.0079405
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-5.881337{col 39}{space 2}  2.54418{col 50}{space 1}   -2.31{col 59}{space 3}0.021{col 67}{space 4}-10.06614{col 80}{space 3}-1.696534
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.775163{col 39}{space 2} 2.357275{col 50}{space 1}   -2.03{col 59}{space 3}0.043{col 67}{space 4}-8.652536{col 80}{space 3}-.8977912
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.597745{col 39}{space 2} 1.090398{col 50}{space 1}    2.38{col 59}{space 3}0.017{col 67}{space 4} .8041999{col 80}{space 3} 4.391289
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-2.194363{col 39}{space 2}  3.19813{col 50}{space 1}   -0.69{col 59}{space 3}0.493{col 67}{space 4}-7.454818{col 80}{space 3} 3.066093
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .1114296{col 39}{space 2} .3563663{col 67}{space 4} .0005786{col 80}{space 3}  21.4579
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est4{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    financial_~s    pub_labour~s    pub_labour~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}lgovernmen~p{res}       -0.126                           0.473***                {txt}
            {res} {ralign 12:{txt:(}0.152{txt:)}}                    {ralign 12:{txt:(}0.172{txt:)}}                   {txt}

{txt}M_sovereig~t{res}       0.0202          0.0162          0.0294          0.0409   {txt}
            {res} {ralign 12:{txt:(}0.0181{txt:)}}    {ralign 12:{txt:(}0.0182{txt:)}}    {ralign 12:{txt:(}0.0303{txt:)}}    {ralign 12:{txt:(}0.0355{txt:)}}   {txt}

{txt}M_bop       {res}       0.0107          0.0121          0.0188          0.0285   {txt}
            {res} {ralign 12:{txt:(}0.0128{txt:)}}    {ralign 12:{txt:(}0.0126{txt:)}}    {ralign 12:{txt:(}0.0238{txt:)}}    {ralign 12:{txt:(}0.0292{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0650         -0.0735          0.0970          0.0621   {txt}
            {res} {ralign 12:{txt:(}0.0505{txt:)}}    {ralign 12:{txt:(}0.0568{txt:)}}    {ralign 12:{txt:(}0.112{txt:)}}    {ralign 12:{txt:(}0.0977{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -0.973***       -0.945***        0.686           0.566   {txt}
            {res} {ralign 12:{txt:(}0.287{txt:)}}    {ralign 12:{txt:(}0.317{txt:)}}    {ralign 12:{txt:(}0.589{txt:)}}    {ralign 12:{txt:(}0.599{txt:)}}   {txt}

{txt}3.country_id{res}        1.330***        1.612***       -19.51***       -14.26***{txt}
            {res} {ralign 12:{txt:(}0.497{txt:)}}    {ralign 12:{txt:(}0.442{txt:)}}    {ralign 12:{txt:(}0.671{txt:)}}    {ralign 12:{txt:(}0.794{txt:)}}   {txt}

{txt}4.country_id{res}        1.652***        2.021***        1.769***        1.642** {txt}
            {res} {ralign 12:{txt:(}0.419{txt:)}}    {ralign 12:{txt:(}0.282{txt:)}}    {ralign 12:{txt:(}0.667{txt:)}}    {ralign 12:{txt:(}0.794{txt:)}}   {txt}

{txt}5.country_id{res}       -0.506          -0.328          0.0236           0.421   {txt}
            {res} {ralign 12:{txt:(}0.445{txt:)}}    {ralign 12:{txt:(}0.314{txt:)}}    {ralign 12:{txt:(}0.612{txt:)}}    {ralign 12:{txt:(}0.810{txt:)}}   {txt}

{txt}6.country_id{res}       -0.970**        -1.180***      -0.0821          -0.252   {txt}
            {res} {ralign 12:{txt:(}0.393{txt:)}}    {ralign 12:{txt:(}0.372{txt:)}}    {ralign 12:{txt:(}1.219{txt:)}}    {ralign 12:{txt:(}1.190{txt:)}}   {txt}

{txt}7.country_id{res}       -0.567          -0.263           0.331           0.342   {txt}
            {res} {ralign 12:{txt:(}0.643{txt:)}}    {ralign 12:{txt:(}0.628{txt:)}}    {ralign 12:{txt:(}0.464{txt:)}}    {ralign 12:{txt:(}0.565{txt:)}}   {txt}

{txt}8.country_id{res}       -0.244          -0.333*          1.661***        1.558** {txt}
            {res} {ralign 12:{txt:(}0.179{txt:)}}    {ralign 12:{txt:(}0.177{txt:)}}    {ralign 12:{txt:(}0.627{txt:)}}    {ralign 12:{txt:(}0.731{txt:)}}   {txt}

{txt}quarter_id  {res}        0.322**         0.325**         0.418**         0.448***{txt}
            {res} {ralign 12:{txt:(}0.151{txt:)}}    {ralign 12:{txt:(}0.136{txt:)}}    {ralign 12:{txt:(}0.164{txt:)}}    {ralign 12:{txt:(}0.170{txt:)}}   {txt}

{txt}quarter_id~q{res}      -0.0102***      -0.0104***      -0.0143***      -0.0143***{txt}
            {res} {ralign 12:{txt:(}0.00332{txt:)}}    {ralign 12:{txt:(}0.00299{txt:)}}    {ralign 12:{txt:(}0.00396{txt:)}}    {ralign 12:{txt:(}0.00389{txt:)}}   {txt}

{txt}government~p{res}                       -0.247***                        0.320   {txt}
            {res}                 {ralign 12:{txt:(}0.0932{txt:)}}                    {ralign 12:{txt:(}0.260{txt:)}}   {txt}

{txt}_cons       {res}       -0.195           0.534          -6.099***       -5.881** {txt}
            {res} {ralign 12:{txt:(}1.425{txt:)}}    {ralign 12:{txt:(}1.552{txt:)}}    {ralign 12:{txt:(}2.179{txt:)}}    {ralign 12:{txt:(}2.544{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}ongoing_ba~t{res}       -5.788***       -5.700***       -4.558***       -4.775** {txt}
            {res} {ralign 12:{txt:(}1.010{txt:)}}    {ralign 12:{txt:(}1.007{txt:)}}    {ralign 12:{txt:(}0.945{txt:)}}    {ralign 12:{txt:(}2.357{txt:)}}   {txt}

{txt}_cons       {res}        4.483***        4.483***        2.742***        2.598** {txt}
            {res} {ralign 12:{txt:(}1.047{txt:)}}    {ralign 12:{txt:(}1.038{txt:)}}    {ralign 12:{txt:(}0.915{txt:)}}    {ralign 12:{txt:(}1.090{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -3.173***       -3.893**        -13.62          -2.194   {txt}
            {res} {ralign 12:{txt:(}0.990{txt:)}}    {ralign 12:{txt:(}1.647{txt:)}}    {ralign 12:{txt:(}8.739{txt:)}}    {ralign 12:{txt:(}3.198{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        408.7           406.7           245.5           249.3   {txt}
{txt}N           {res}          224             224             224             224   {txt}
{txt}N_zero      {res}          154             154             181             181   {txt}
{txt}N_clust     {res}           28              28              28              28   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.6 - Twice-lagged versions of the macroeconomic control variables
. gen M_sovereign_debt_alt = d.l2.sovereign_debt
{txt}(24 missing values generated)

{com}. gen M_bop_alt = d.l2.bop
{txt}(64 missing values generated)

{com}. gen M_sovereign_interest_rate_alt = d.l2.sovereign_interest_rate
{txt}(24 missing values generated)

{com}. gen M_sovereign_debt_alt2 = d.l3.sovereign_debt
{txt}(32 missing values generated)

{com}. gen M_bop_alt2 = d.l3.bop
{txt}(64 missing values generated)

{com}. gen M_sovereign_interest_rate_alt2 = d.l3.sovereign_interest_rate
{txt}(32 missing values generated)

{com}. global x3var "A_government_partisanship M_sovereign_debt_alt M_bop_alt M_sovereign_interest_rate_alt"
{txt}
{com}. 
. eststo m1:  zinb financial_conditions $x3var i.country_id quarter_id quarter_id_sq, inflate( _cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-294.22806}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-276.09552}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res: -275.4081}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-274.71232}  
Iteration 4:{space 3}log pseudolikelihood = {res:-273.67934}  
Iteration 5:{space 3}log pseudolikelihood = {res:-273.35025}  
Iteration 6:{space 3}log pseudolikelihood = {res:-273.34964}  
Iteration 7:{space 3}log pseudolikelihood = {res:-273.34964}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-273.34964}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-265.31082}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-262.96411}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-261.76728}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res: -260.4664}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-259.69446}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-258.93576}  (not concave)
Iteration 7:{space 3}log pseudolikelihood = {res:-257.21323}  (not concave)
Iteration 8:{space 3}log pseudolikelihood = {res:-254.58488}  (not concave)
Iteration 9:{space 3}log pseudolikelihood = {res:-254.06003}  (not concave)
Iteration 10:{space 2}log pseudolikelihood = {res:-253.60211}  (not concave)
Iteration 11:{space 2}log pseudolikelihood = {res:-253.12836}  (not concave)
Iteration 12:{space 2}log pseudolikelihood = {res:-252.81267}  (not concave)
Iteration 13:{space 2}log pseudolikelihood = {res:-252.52427}  (not concave)
Iteration 14:{space 2}log pseudolikelihood = {res:-252.16887}  (not concave)
Iteration 15:{space 2}log pseudolikelihood = {res:-251.72031}  (not concave)
Iteration 16:{space 2}log pseudolikelihood = {res:-251.51615}  (not concave)
Iteration 17:{space 2}log pseudolikelihood = {res:-251.31638}  (not concave)
Iteration 18:{space 2}log pseudolikelihood = {res: -251.1395}  (not concave)
Iteration 19:{space 2}log pseudolikelihood = {res:-250.97935}  (not concave)
Iteration 20:{space 2}log pseudolikelihood = {res: -250.8281}  (not concave)
Iteration 21:{space 2}log pseudolikelihood = {res:-250.68936}  (not concave)
Iteration 22:{space 2}log pseudolikelihood = {res:-250.56145}  (not concave)
Iteration 23:{space 2}log pseudolikelihood = {res:-250.44322}  (not concave)
Iteration 24:{space 2}log pseudolikelihood = {res:-250.33394}  (not concave)
Iteration 25:{space 2}log pseudolikelihood = {res: -250.2333}  (not concave)
Iteration 26:{space 2}log pseudolikelihood = {res:-250.14019}  (not concave)
Iteration 27:{space 2}log pseudolikelihood = {res:-250.05434}  (not concave)
Iteration 28:{space 2}log pseudolikelihood = {res:-249.97495}  (not concave)
Iteration 29:{space 2}log pseudolikelihood = {res:-249.90173}  (not concave)
Iteration 30:{space 2}log pseudolikelihood = {res:  -249.834}  
Iteration 31:{space 2}log pseudolikelihood = {res:-242.54937}  (not concave)
Iteration 32:{space 2}log pseudolikelihood = {res:-241.75966}  (not concave)
Iteration 33:{space 2}log pseudolikelihood = {res:-241.67912}  
Iteration 34:{space 2}log pseudolikelihood = {res:-239.57439}  
Iteration 35:{space 2}log pseudolikelihood = {res:-239.55564}  
Iteration 36:{space 2}log pseudolikelihood = {res:-239.55561}  
Iteration 37:{space 2}log pseudolikelihood = {res:-239.55561}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       67
                                                  {txt}Zero obs        =  {res}      157

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-239.5556                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 95:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 30}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 31}{c |}{col 43}    Robust
{col 1}         financial_conditions{col 31}{c |}      Coef.{col 43}   Std. Err.{col 55}      z{col 63}   P>|z|{col 71}     [95% Con{col 84}f. Interval]
{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions          {txt}{c |}
{space 4}A_government_partisanship {c |}{col 31}{res}{space 2} -.125134{col 43}{space 2} .0755484{col 54}{space 1}   -1.66{col 63}{space 3}0.098{col 71}{space 4}-.2732061{col 84}{space 3} .0229382
{txt}{space 9}M_sovereign_debt_alt {c |}{col 31}{res}{space 2} .0304453{col 43}{space 2} .0184303{col 54}{space 1}    1.65{col 63}{space 3}0.099{col 71}{space 4}-.0056774{col 84}{space 3}  .066568
{txt}{space 20}M_bop_alt {c |}{col 31}{res}{space 2}  .008504{col 43}{space 2} .0226847{col 54}{space 1}    0.37{col 63}{space 3}0.708{col 71}{space 4}-.0359571{col 84}{space 3} .0529652
{txt}M_sovereign_interest_rate_alt {c |}{col 31}{res}{space 2} .1209821{col 43}{space 2}  .089981{col 54}{space 1}    1.34{col 63}{space 3}0.179{col 71}{space 4}-.0553774{col 84}{space 3} .2973415
{txt}{space 29} {c |}
{space 19}country_id {c |}
{space 27}2  {c |}{col 31}{res}{space 2}-.5753352{col 43}{space 2}  .107609{col 54}{space 1}   -5.35{col 63}{space 3}0.000{col 71}{space 4}-.7862449{col 84}{space 3}-.3644254
{txt}{space 27}3  {c |}{col 31}{res}{space 2} 1.231644{col 43}{space 2} .3145337{col 54}{space 1}    3.92{col 63}{space 3}0.000{col 71}{space 4} .6151692{col 84}{space 3} 1.848119
{txt}{space 27}4  {c |}{col 31}{res}{space 2} 1.612342{col 43}{space 2} .2245876{col 54}{space 1}    7.18{col 63}{space 3}0.000{col 71}{space 4} 1.172158{col 84}{space 3} 2.052526
{txt}{space 27}5  {c |}{col 31}{res}{space 2}-.0967099{col 43}{space 2} .2400467{col 54}{space 1}   -0.40{col 63}{space 3}0.687{col 71}{space 4}-.5671927{col 84}{space 3} .3737729
{txt}{space 27}6  {c |}{col 31}{res}{space 2}-.1830243{col 43}{space 2}  .849634{col 54}{space 1}   -0.22{col 63}{space 3}0.829{col 71}{space 4}-1.848276{col 84}{space 3} 1.482228
{txt}{space 27}7  {c |}{col 31}{res}{space 2}-.6088674{col 43}{space 2} .1550778{col 54}{space 1}   -3.93{col 63}{space 3}0.000{col 71}{space 4}-.9128142{col 84}{space 3}-.3049205
{txt}{space 27}8  {c |}{col 31}{res}{space 2} .0088153{col 43}{space 2} .1536941{col 54}{space 1}    0.06{col 63}{space 3}0.954{col 71}{space 4}-.2924196{col 84}{space 3} .3100502
{txt}{space 29} {c |}
{space 19}quarter_id {c |}{col 31}{res}{space 2}  .672333{col 43}{space 2} .2224278{col 54}{space 1}    3.02{col 63}{space 3}0.003{col 71}{space 4} .2363826{col 84}{space 3} 1.108283
{txt}{space 16}quarter_id_sq {c |}{col 31}{res}{space 2} -.017833{col 43}{space 2} .0045385{col 54}{space 1}   -3.93{col 63}{space 3}0.000{col 71}{space 4}-.0267284{col 84}{space 3}-.0089377
{txt}{space 24}_cons {c |}{col 31}{res}{space 2}-4.223624{col 43}{space 2} 3.036482{col 54}{space 1}   -1.39{col 63}{space 3}0.164{col 71}{space 4}-10.17502{col 84}{space 3} 1.727771
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                       {txt}{c |}
{space 24}_cons {c |}{col 31}{res}{space 2} .3098409{col 43}{space 2} .4154635{col 54}{space 1}    0.75{col 63}{space 3}0.456{col 71}{space 4}-.5044527{col 84}{space 3} 1.124135
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     /lnalpha {c |}{col 31}{res}{space 2}-3.541547{col 43}{space 2} 2.903321{col 54}{space 1}   -1.22{col 63}{space 3}0.223{col 71}{space 4} -9.23195{col 84}{space 3} 2.148857
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                        alpha{col 31}{c |}{res}{space 2} .0289685{col 43}{space 2} .0841048{col 71}{space 4} .0000979{col 84}{space 3} 8.575054
{txt}{hline 30}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions $x3var i.country_id quarter_id quarter_id_sq, inflate( _cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-167.26423}  
Iteration 1:{space 3}log pseudolikelihood = {res:-158.29418}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-158.12514}  
Iteration 3:{space 3}log pseudolikelihood = {res:-157.76874}  
Iteration 4:{space 3}log pseudolikelihood = {res:-157.74217}  
Iteration 5:{space 3}log pseudolikelihood = {res:-157.69299}  
Iteration 6:{space 3}log pseudolikelihood = {res:-157.68547}  
Iteration 7:{space 3}log pseudolikelihood = {res:-157.67951}  (not concave)
Iteration 8:{space 3}log pseudolikelihood = {res:-157.67923}  
Iteration 9:{space 3}log pseudolikelihood = {res: -157.6792}  
Iteration 10:{space 2}log pseudolikelihood = {res: -157.6792}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res: -157.6792}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-138.91954}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-137.76331}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-135.55723}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-134.99236}  
Iteration 5:{space 3}log pseudolikelihood = {res:-123.98345}  
Iteration 6:{space 3}log pseudolikelihood = {res:-116.11181}  
Iteration 7:{space 3}log pseudolikelihood = {res:-115.97248}  
Iteration 8:{space 3}log pseudolikelihood = {res:-115.95467}  
Iteration 9:{space 3}log pseudolikelihood = {res:-115.95265}  
Iteration 10:{space 2}log pseudolikelihood = {res:-115.95232}  
Iteration 11:{space 2}log pseudolikelihood = {res:-115.95225}  
Iteration 12:{space 2}log pseudolikelihood = {res:-115.95224}  
Iteration 13:{space 2}log pseudolikelihood = {res:-115.95224}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       42
                                                  {txt}Zero obs        =  {res}      182

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-115.9522                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 95:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 30}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 31}{c |}{col 43}    Robust
{col 1}        pub_labour_conditions{col 31}{c |}      Coef.{col 43}   Std. Err.{col 55}      z{col 63}   P>|z|{col 71}     [95% Con{col 84}f. Interval]
{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions         {txt}{c |}
{space 4}A_government_partisanship {c |}{col 31}{res}{space 2} .4555886{col 43}{space 2} .2213895{col 54}{space 1}    2.06{col 63}{space 3}0.040{col 71}{space 4} .0216732{col 84}{space 3} .8895041
{txt}{space 9}M_sovereign_debt_alt {c |}{col 31}{res}{space 2}  .079915{col 43}{space 2} .0367536{col 54}{space 1}    2.17{col 63}{space 3}0.030{col 71}{space 4} .0078792{col 84}{space 3} .1519508
{txt}{space 20}M_bop_alt {c |}{col 31}{res}{space 2}-.0698997{col 43}{space 2} .0354524{col 54}{space 1}   -1.97{col 63}{space 3}0.049{col 71}{space 4}-.1393851{col 84}{space 3}-.0004143
{txt}M_sovereign_interest_rate_alt {c |}{col 31}{res}{space 2} .1866517{col 43}{space 2} .1232666{col 54}{space 1}    1.51{col 63}{space 3}0.130{col 71}{space 4}-.0549463{col 84}{space 3} .4282497
{txt}{space 29} {c |}
{space 19}country_id {c |}
{space 27}2  {c |}{col 31}{res}{space 2} .7801456{col 43}{space 2} .1187167{col 54}{space 1}    6.57{col 63}{space 3}0.000{col 71}{space 4} .5474651{col 84}{space 3} 1.012826
{txt}{space 27}3  {c |}{col 31}{res}{space 2}-17.93757{col 43}{space 2} 1.119503{col 54}{space 1}  -16.02{col 63}{space 3}0.000{col 71}{space 4}-20.13176{col 84}{space 3}-15.74339
{txt}{space 27}4  {c |}{col 31}{res}{space 2} 1.359366{col 43}{space 2} .4902861{col 54}{space 1}    2.77{col 63}{space 3}0.006{col 71}{space 4} .3984226{col 84}{space 3} 2.320309
{txt}{space 27}5  {c |}{col 31}{res}{space 2} 1.024094{col 43}{space 2} .2959107{col 54}{space 1}    3.46{col 63}{space 3}0.001{col 71}{space 4} .4441194{col 84}{space 3} 1.604068
{txt}{space 27}6  {c |}{col 31}{res}{space 2}-.1173682{col 43}{space 2} .3117499{col 54}{space 1}   -0.38{col 63}{space 3}0.707{col 71}{space 4}-.7283868{col 84}{space 3} .4936504
{txt}{space 27}7  {c |}{col 31}{res}{space 2} .4454705{col 43}{space 2} .1537938{col 54}{space 1}    2.90{col 63}{space 3}0.004{col 71}{space 4} .1440402{col 84}{space 3} .7469008
{txt}{space 27}8  {c |}{col 31}{res}{space 2} 2.235656{col 43}{space 2} .3175664{col 54}{space 1}    7.04{col 63}{space 3}0.000{col 71}{space 4} 1.613237{col 84}{space 3} 2.858075
{txt}{space 29} {c |}
{space 19}quarter_id {c |}{col 31}{res}{space 2} .7995171{col 43}{space 2} .1884637{col 54}{space 1}    4.24{col 63}{space 3}0.000{col 71}{space 4}  .430135{col 84}{space 3} 1.168899
{txt}{space 16}quarter_id_sq {c |}{col 31}{res}{space 2}-.0219055{col 43}{space 2} .0052585{col 54}{space 1}   -4.17{col 63}{space 3}0.000{col 71}{space 4}-.0322119{col 84}{space 3}-.0115991
{txt}{space 24}_cons {c |}{col 31}{res}{space 2} -11.2768{col 43}{space 2} 1.746392{col 54}{space 1}   -6.46{col 63}{space 3}0.000{col 71}{space 4}-14.69966{col 84}{space 3}-7.853931
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                       {txt}{c |}
{space 24}_cons {c |}{col 31}{res}{space 2}-16.21306{col 43}{space 2} .9494328{col 54}{space 1}  -17.08{col 63}{space 3}0.000{col 71}{space 4}-18.07392{col 84}{space 3}-14.35221
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     /lnalpha {c |}{col 31}{res}{space 2}-1.450541{col 43}{space 2} .6699279{col 54}{space 1}   -2.17{col 63}{space 3}0.030{col 71}{space 4}-2.763575{col 84}{space 3}-.1375063
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                        alpha{col 31}{c |}{res}{space 2} .2344435{col 43}{space 2} .1570602{col 71}{space 4} .0630659{col 84}{space 3} .8715289
{txt}{hline 30}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 44}
{txt}                      (1)             (2)   
{txt}             financial_~s    pub_labour~s   
{txt}{hline 44}
{res}main                                        {txt}
{txt}A_governme~p{res}       -0.125*          0.456** {txt}
            {res} {ralign 12:{txt:(}0.0755{txt:)}}    {ralign 12:{txt:(}0.221{txt:)}}   {txt}

{txt}M_sove~t_alt{res}       0.0304*         0.0799** {txt}
            {res} {ralign 12:{txt:(}0.0184{txt:)}}    {ralign 12:{txt:(}0.0368{txt:)}}   {txt}

{txt}M_bop_alt   {res}      0.00850         -0.0699** {txt}
            {res} {ralign 12:{txt:(}0.0227{txt:)}}    {ralign 12:{txt:(}0.0355{txt:)}}   {txt}

{txt}M_sove~e_alt{res}        0.121           0.187   {txt}
            {res} {ralign 12:{txt:(}0.0900{txt:)}}    {ralign 12:{txt:(}0.123{txt:)}}   {txt}

{txt}1.country_id{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -0.575***        0.780***{txt}
            {res} {ralign 12:{txt:(}0.108{txt:)}}    {ralign 12:{txt:(}0.119{txt:)}}   {txt}

{txt}3.country_id{res}        1.232***       -17.94***{txt}
            {res} {ralign 12:{txt:(}0.315{txt:)}}    {ralign 12:{txt:(}1.120{txt:)}}   {txt}

{txt}4.country_id{res}        1.612***        1.359***{txt}
            {res} {ralign 12:{txt:(}0.225{txt:)}}    {ralign 12:{txt:(}0.490{txt:)}}   {txt}

{txt}5.country_id{res}      -0.0967           1.024***{txt}
            {res} {ralign 12:{txt:(}0.240{txt:)}}    {ralign 12:{txt:(}0.296{txt:)}}   {txt}

{txt}6.country_id{res}       -0.183          -0.117   {txt}
            {res} {ralign 12:{txt:(}0.850{txt:)}}    {ralign 12:{txt:(}0.312{txt:)}}   {txt}

{txt}7.country_id{res}       -0.609***        0.445***{txt}
            {res} {ralign 12:{txt:(}0.155{txt:)}}    {ralign 12:{txt:(}0.154{txt:)}}   {txt}

{txt}8.country_id{res}      0.00882           2.236***{txt}
            {res} {ralign 12:{txt:(}0.154{txt:)}}    {ralign 12:{txt:(}0.318{txt:)}}   {txt}

{txt}quarter_id  {res}        0.672***        0.800***{txt}
            {res} {ralign 12:{txt:(}0.222{txt:)}}    {ralign 12:{txt:(}0.188{txt:)}}   {txt}

{txt}quarter_id~q{res}      -0.0178***      -0.0219***{txt}
            {res} {ralign 12:{txt:(}0.00454{txt:)}}    {ralign 12:{txt:(}0.00526{txt:)}}   {txt}

{txt}_cons       {res}       -4.224          -11.28***{txt}
            {res} {ralign 12:{txt:(}3.036{txt:)}}    {ralign 12:{txt:(}1.746{txt:)}}   {txt}
{hline 44}
{res}inflate                                     {txt}
{txt}_cons       {res}        0.310          -16.21***{txt}
            {res} {ralign 12:{txt:(}0.415{txt:)}}    {ralign 12:{txt:(}0.949{txt:)}}   {txt}
{hline 44}
{res}lnalpha                                     {txt}
{txt}_cons       {res}       -3.542          -1.451** {txt}
            {res} {ralign 12:{txt:(}2.903{txt:)}}    {ralign 12:{txt:(}0.670{txt:)}}   {txt}
{txt}{hline 44}
{txt}aic         {res}        493.1           247.9   {txt}
{txt}N           {res}          224             224   {txt}
{txt}N_zero      {res}          157             182   {txt}
{txt}N_clust     {res}            8               8   {txt}
{txt}{hline 44}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.7 - Government indebtedness towards the domestic financial sector 
. gen ln_liabilities = ln(finance_liabilities_govt)
{txt}(86 missing values generated)

{com}. gen d_ln_liabilities = d.l4.ln_liabilities
{txt}(116 missing values generated)

{com}. gen l_ln_liabilities = l4.ln_liabilities
{txt}(110 missing values generated)

{com}. 
. global xvar_new "A_government_partisanship d_ln_liabilities M_sovereign_debt M_bop M_sovereign_interest_rate"
{txt}
{com}. eststo m1:  zinb financial_conditions $xvar_new  i.country_id quarter_id quarter_id_sq, inflate( _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      154
                                                  {txt}Nonzero obs     =  {res}       37
                                                  {txt}Zero obs        =  {res}      117

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}12{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-134.5305                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:6} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .0921148{col 39}{space 2} .0974109{col 50}{space 1}    0.95{col 59}{space 3}0.344{col 67}{space 4}-.0681119{col 80}{space 3} .2523415
{txt}{space 9}d_ln_liabilities {c |}{col 27}{res}{space 2}-.1015251{col 39}{space 2} .2787665{col 50}{space 1}   -0.36{col 59}{space 3}0.716{col 67}{space 4}-.5600552{col 80}{space 3} .3570051
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0203346{col 39}{space 2} .0226245{col 50}{space 1}    0.90{col 59}{space 3}0.369{col 67}{space 4}-.0168794{col 80}{space 3} .0575486
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0181423{col 39}{space 2} .0148962{col 50}{space 1}    1.22{col 59}{space 3}0.223{col 67}{space 4}-.0063597{col 80}{space 3} .0426443
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.2855711{col 39}{space 2} .1006606{col 50}{space 1}   -2.84{col 59}{space 3}0.005{col 67}{space 4} -.451143{col 80}{space 3}-.1199991
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.0777597{col 39}{space 2} .1727719{col 50}{space 1}   -0.45{col 59}{space 3}0.653{col 67}{space 4}-.3619443{col 80}{space 3} .2064248
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .6794284{col 39}{space 2} .3363344{col 50}{space 1}    2.02{col 59}{space 3}0.043{col 67}{space 4} .1262075{col 80}{space 3} 1.232649
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.098761{col 39}{space 2} .3366299{col 50}{space 1}    6.23{col 59}{space 3}0.000{col 67}{space 4} 1.545054{col 80}{space 3} 2.652468
{txt}{space 23}5  {c |}{col 27}{res}{space 2} -1.67603{col 39}{space 2} .4339554{col 50}{space 1}   -3.86{col 59}{space 3}0.000{col 67}{space 4}-2.389823{col 80}{space 3}-.9622373
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.1257807{col 39}{space 2} .2116652{col 50}{space 1}   -0.59{col 59}{space 3}0.552{col 67}{space 4} -.473939{col 80}{space 3} .2223775
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} 1.748213{col 39}{space 2} .4275943{col 50}{space 1}    4.09{col 59}{space 3}0.000{col 67}{space 4} 1.044883{col 80}{space 3} 2.451544
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2} -.042574{col 39}{space 2} .0099658{col 50}{space 1}   -4.27{col 59}{space 3}0.000{col 67}{space 4}-.0589664{col 80}{space 3}-.0261817
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-16.75163{col 39}{space 2} 4.990572{col 50}{space 1}   -3.36{col 59}{space 3}0.001{col 67}{space 4}-24.96039{col 80}{space 3}-8.542865
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 20}_cons {c |}{col 27}{res}{space 2}  .242833{col 39}{space 2} .4918606{col 50}{space 1}    0.49{col 59}{space 3}0.622{col 67}{space 4}-.5662057{col 80}{space 3} 1.051872
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-2.392846{col 39}{space 2} 1.604251{col 50}{space 1}   -1.49{col 59}{space 3}0.136{col 67}{space 4}-5.031604{col 80}{space 3}  .245911
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0913692{col 39}{space 2} .1465792{col 67}{space 4} .0065283{col 80}{space 3} 1.278786
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions $xvar_new i.country_id quarter_id quarter_id_sq, inflate( _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      154
                                                  {txt}Nonzero obs     =  {res}       21
                                                  {txt}Zero obs        =  {res}      133

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}12{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-60.06067                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:6} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .6208032{col 39}{space 2} .1095428{col 50}{space 1}    5.67{col 59}{space 3}0.000{col 67}{space 4} .4406213{col 80}{space 3} .8009851
{txt}{space 9}d_ln_liabilities {c |}{col 27}{res}{space 2}-.6089751{col 39}{space 2} .4608419{col 50}{space 1}   -1.32{col 59}{space 3}0.186{col 67}{space 4}-1.366993{col 80}{space 3} .1490425
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0768245{col 39}{space 2} .0636357{col 50}{space 1}    1.21{col 59}{space 3}0.227{col 67}{space 4}-.0278469{col 80}{space 3} .1814959
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0491316{col 39}{space 2} .0296008{col 50}{space 1}    1.66{col 59}{space 3}0.097{col 67}{space 4} .0004425{col 80}{space 3} .0978206
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0890199{col 39}{space 2} .1405236{col 50}{space 1}   -0.63{col 59}{space 3}0.526{col 67}{space 4}-.3201607{col 80}{space 3} .1421209
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}   1.1298{col 39}{space 2} .1887149{col 50}{space 1}    5.99{col 59}{space 3}0.000{col 67}{space 4} .8193919{col 80}{space 3} 1.440209
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-15.73057{col 39}{space 2} 1.138352{col 50}{space 1}  -13.82{col 59}{space 3}0.000{col 67}{space 4}-17.60299{col 80}{space 3}-13.85814
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.938426{col 39}{space 2} .8293723{col 50}{space 1}    2.34{col 59}{space 3}0.019{col 67}{space 4} .5742301{col 80}{space 3} 3.302622
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.8586319{col 39}{space 2} .4716671{col 50}{space 1}   -1.82{col 59}{space 3}0.069{col 67}{space 4}-1.634455{col 80}{space 3}-.0828086
{txt}{space 23}7  {c |}{col 27}{res}{space 2}   .45533{col 39}{space 2} .1671787{col 50}{space 1}    2.72{col 59}{space 3}0.006{col 67}{space 4} .1803455{col 80}{space 3} .7303145
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} 1.159961{col 39}{space 2} .4470542{col 50}{space 1}    2.59{col 59}{space 3}0.009{col 67}{space 4} .4246228{col 80}{space 3}   1.8953
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0296007{col 39}{space 2} .0122554{col 50}{space 1}   -2.42{col 59}{space 3}0.016{col 67}{space 4} -.049759{col 80}{space 3}-.0094425
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-15.74422{col 39}{space 2} 4.136622{col 50}{space 1}   -3.81{col 59}{space 3}0.000{col 67}{space 4}-22.54836{col 80}{space 3} -8.94008
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 20}_cons {c |}{col 27}{res}{space 2}-.7371879{col 39}{space 2} .3352595{col 50}{space 1}   -2.20{col 59}{space 3}0.028{col 67}{space 4}-1.288641{col 80}{space 3} -.185735
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-29.95082{col 39}{space 2} .3408197{col 50}{space 1}  -87.88{col 59}{space 3}0.000{col 67}{space 4}-30.51142{col 80}{space 3}-29.39022
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 9.83e-14{col 39}{space 2} 3.35e-14{col 67}{space 4} 5.61e-14{col 80}{space 3} 1.72e-13
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2, star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust) 
{res}
{txt}{hline 44}
{txt}                      (1)             (2)   
{txt}             financial_~s    pub_labour~s   
{txt}{hline 44}
{res}main                                        {txt}
{txt}A_governme~p{res}       0.0921           0.621***{txt}
            {res} {ralign 12:{txt:(}0.0974{txt:)}}    {ralign 12:{txt:(}0.110{txt:)}}   {txt}

{txt}d_ln_liabi~s{res}       -0.102          -0.609   {txt}
            {res} {ralign 12:{txt:(}0.279{txt:)}}    {ralign 12:{txt:(}0.461{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0203          0.0768   {txt}
            {res} {ralign 12:{txt:(}0.0226{txt:)}}    {ralign 12:{txt:(}0.0636{txt:)}}   {txt}

{txt}M_bop       {res}       0.0181          0.0491*  {txt}
            {res} {ralign 12:{txt:(}0.0149{txt:)}}    {ralign 12:{txt:(}0.0296{txt:)}}   {txt}

{txt}M_sovereig~e{res}       -0.286***      -0.0890   {txt}
            {res} {ralign 12:{txt:(}0.101{txt:)}}    {ralign 12:{txt:(}0.141{txt:)}}   {txt}

{txt}1.country_id{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}      -0.0778           1.130***{txt}
            {res} {ralign 12:{txt:(}0.173{txt:)}}    {ralign 12:{txt:(}0.189{txt:)}}   {txt}

{txt}3.country_id{res}        0.679**        -15.73***{txt}
            {res} {ralign 12:{txt:(}0.336{txt:)}}    {ralign 12:{txt:(}1.138{txt:)}}   {txt}

{txt}4.country_id{res}        2.099***        1.938** {txt}
            {res} {ralign 12:{txt:(}0.337{txt:)}}    {ralign 12:{txt:(}0.829{txt:)}}   {txt}

{txt}5.country_id{res}       -1.676***       -0.859*  {txt}
            {res} {ralign 12:{txt:(}0.434{txt:)}}    {ralign 12:{txt:(}0.472{txt:)}}   {txt}

{txt}7.country_id{res}       -0.126           0.455***{txt}
            {res} {ralign 12:{txt:(}0.212{txt:)}}    {ralign 12:{txt:(}0.167{txt:)}}   {txt}

{txt}quarter_id  {res}        1.748***        1.160***{txt}
            {res} {ralign 12:{txt:(}0.428{txt:)}}    {ralign 12:{txt:(}0.447{txt:)}}   {txt}

{txt}quarter_id~q{res}      -0.0426***      -0.0296** {txt}
            {res} {ralign 12:{txt:(}0.00997{txt:)}}    {ralign 12:{txt:(}0.0123{txt:)}}   {txt}

{txt}_cons       {res}       -16.75***       -15.74***{txt}
            {res} {ralign 12:{txt:(}4.991{txt:)}}    {ralign 12:{txt:(}4.137{txt:)}}   {txt}
{hline 44}
{res}inflate                                     {txt}
{txt}_cons       {res}        0.243          -0.737** {txt}
            {res} {ralign 12:{txt:(}0.492{txt:)}}    {ralign 12:{txt:(}0.335{txt:)}}   {txt}
{hline 44}
{res}lnalpha                                     {txt}
{txt}_cons       {res}       -2.393          -29.95***{txt}
            {res} {ralign 12:{txt:(}1.604{txt:)}}    {ralign 12:{txt:(}0.341{txt:)}}   {txt}
{txt}{hline 44}
{txt}aic         {res}        279.1           132.1   {txt}
{txt}N           {res}          154             154   {txt}
{txt}N_zero      {res}          117             133   {txt}
{txt}N_clust     {res}            6               6   {txt}
{txt}{hline 44}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.8 - alternative measure of executive ideology (i.e. DIP)
. eststo:  zinb financial_conditions $x2var i.country_id quarter_id quarter_id_sq , inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-184.2626                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
B_government_partisanship {c |}{col 27}{res}{space 2} .3916954{col 39}{space 2} .0817429{col 50}{space 1}    4.79{col 59}{space 3}0.000{col 67}{space 4} .2572403{col 80}{space 3} .5261505
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0135536{col 39}{space 2} .0120293{col 50}{space 1}    1.13{col 59}{space 3}0.260{col 67}{space 4}-.0062328{col 80}{space 3} .0333401
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0062909{col 39}{space 2} .0058513{col 50}{space 1}    1.08{col 59}{space 3}0.282{col 67}{space 4}-.0033337{col 80}{space 3} .0159154
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} -.034371{col 39}{space 2} .0644941{col 50}{space 1}   -0.53{col 59}{space 3}0.594{col 67}{space 4}-.1404544{col 80}{space 3} .0717124
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} -1.57581{col 39}{space 2} .1911652{col 50}{space 1}   -8.24{col 59}{space 3}0.000{col 67}{space 4}-1.890249{col 80}{space 3}-1.261372
{txt}{space 23}3  {c |}{col 27}{res}{space 2}  1.12814{col 39}{space 2} .0836501{col 50}{space 1}   13.49{col 59}{space 3}0.000{col 67}{space 4} .9905479{col 80}{space 3} 1.265732
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.064081{col 39}{space 2} .2322383{col 50}{space 1}    4.58{col 59}{space 3}0.000{col 67}{space 4} .6820826{col 80}{space 3} 1.446079
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.7666561{col 39}{space 2} .2046232{col 50}{space 1}   -3.75{col 59}{space 3}0.000{col 67}{space 4}-1.103231{col 80}{space 3}-.4300809
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.421797{col 39}{space 2}  .445874{col 50}{space 1}   -3.19{col 59}{space 3}0.001{col 67}{space 4}-2.155194{col 80}{space 3}-.6883993
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.9597974{col 39}{space 2} .0972771{col 50}{space 1}   -9.87{col 59}{space 3}0.000{col 67}{space 4}-1.119804{col 80}{space 3}-.7997908
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.5178851{col 39}{space 2} .0966012{col 50}{space 1}   -5.36{col 59}{space 3}0.000{col 67}{space 4}  -.67678{col 80}{space 3}-.3589903
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2380634{col 39}{space 2}  .163397{col 50}{space 1}    1.46{col 59}{space 3}0.145{col 67}{space 4}-.0307007{col 80}{space 3} .5068276
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0078304{col 39}{space 2} .0036789{col 50}{space 1}   -2.13{col 59}{space 3}0.033{col 67}{space 4}-.0138816{col 80}{space 3}-.0017791
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-.6559313{col 39}{space 2} 1.790641{col 50}{space 1}   -0.37{col 59}{space 3}0.714{col 67}{space 4}-3.601274{col 80}{space 3} 2.289412
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.827663{col 39}{space 2} .9709544{col 50}{space 1}   -6.00{col 59}{space 3}0.000{col 67}{space 4}-7.424741{col 80}{space 3}-4.230585
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.473152{col 39}{space 2} 1.039463{col 50}{space 1}    4.30{col 59}{space 3}0.000{col 67}{space 4} 2.763387{col 80}{space 3} 6.182917
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-4.144774{col 39}{space 2}  3.44796{col 50}{space 1}   -1.20{col 59}{space 3}0.229{col 67}{space 4}-9.816164{col 80}{space 3} 1.526616
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2}  .015847{col 39}{space 2} .0546399{col 67}{space 4} .0000546{col 80}{space 3} 4.602577
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb pub_labour_conditions $x2var i.country_id quarter_id quarter_id_sq , inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-105.0536                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
B_government_partisanship {c |}{col 27}{res}{space 2}-.7754147{col 39}{space 2} .3315969{col 50}{space 1}   -2.34{col 59}{space 3}0.019{col 67}{space 4}-1.320843{col 80}{space 3}-.2299864
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0341178{col 39}{space 2} .0305193{col 50}{space 1}    1.12{col 59}{space 3}0.264{col 67}{space 4}-.0160819{col 80}{space 3} .0843176
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0238078{col 39}{space 2} .0265813{col 50}{space 1}    0.90{col 59}{space 3}0.370{col 67}{space 4}-.0199145{col 80}{space 3} .0675301
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0452959{col 39}{space 2}  .120744{col 50}{space 1}    0.38{col 59}{space 3}0.708{col 67}{space 4}-.1533104{col 80}{space 3} .2439022
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} 1.621194{col 39}{space 2}  .583382{col 50}{space 1}    2.78{col 59}{space 3}0.005{col 67}{space 4} .6616161{col 80}{space 3} 2.580772
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.13331{col 39}{space 2}  1.09362{col 50}{space 1}  -15.67{col 59}{space 3}0.000{col 67}{space 4}-18.93216{col 80}{space 3}-15.33447
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.451315{col 39}{space 2} .9600507{col 50}{space 1}    3.59{col 59}{space 3}0.000{col 67}{space 4} 1.872173{col 80}{space 3} 5.030458
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .5950695{col 39}{space 2} .1791878{col 50}{space 1}    3.32{col 59}{space 3}0.001{col 67}{space 4} .3003317{col 80}{space 3} .8898072
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0155565{col 39}{space 2} .3794083{col 50}{space 1}   -0.04{col 59}{space 3}0.967{col 67}{space 4}-.6396277{col 80}{space 3} .6085147
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .8335593{col 39}{space 2}  .124933{col 50}{space 1}    6.67{col 59}{space 3}0.000{col 67}{space 4} .6280628{col 80}{space 3} 1.039056
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.960277{col 39}{space 2} .2844943{col 50}{space 1}    6.89{col 59}{space 3}0.000{col 67}{space 4} 1.492326{col 80}{space 3} 2.428229
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2}  .537563{col 39}{space 2} .2674439{col 50}{space 1}    2.01{col 59}{space 3}0.044{col 67}{space 4} .0976568{col 80}{space 3} .9774691
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0180623{col 39}{space 2} .0076504{col 50}{space 1}   -2.36{col 59}{space 3}0.018{col 67}{space 4} -.030646{col 80}{space 3}-.0054785
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} -3.26746{col 39}{space 2} 2.112756{col 50}{space 1}   -1.55{col 59}{space 3}0.122{col 67}{space 4}-6.742635{col 80}{space 3} .2077143
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.969005{col 39}{space 2} .8544234{col 50}{space 1}   -5.82{col 59}{space 3}0.000{col 67}{space 4}-6.374406{col 80}{space 3}-3.563603
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 3.008791{col 39}{space 2} 1.266732{col 50}{space 1}    2.38{col 59}{space 3}0.018{col 67}{space 4} .9252018{col 80}{space 3}  5.09238
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-14.02597{col 39}{space 2} 1.138656{col 50}{space 1}  -12.32{col 59}{space 3}0.000{col 67}{space 4}-15.89889{col 80}{space 3}-12.15305
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 8.10e-07{col 39}{space 2} 9.23e-07{col 67}{space 4} 1.25e-07{col 80}{space 3} 5.27e-06
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 44}
{txt}                      (1)             (2)   
{txt}             financial_~s    pub_labour~s   
{txt}{hline 44}
{res}main                                        {txt}
{txt}B_governme~p{res}        0.392***       -0.775** {txt}
            {res} {ralign 12:{txt:(}0.0817{txt:)}}    {ralign 12:{txt:(}0.332{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0136          0.0341   {txt}
            {res} {ralign 12:{txt:(}0.0120{txt:)}}    {ralign 12:{txt:(}0.0305{txt:)}}   {txt}

{txt}M_bop       {res}      0.00629          0.0238   {txt}
            {res} {ralign 12:{txt:(}0.00585{txt:)}}    {ralign 12:{txt:(}0.0266{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0344          0.0453   {txt}
            {res} {ralign 12:{txt:(}0.0645{txt:)}}    {ralign 12:{txt:(}0.121{txt:)}}   {txt}

{txt}1.country_id{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.576***        1.621***{txt}
            {res} {ralign 12:{txt:(}0.191{txt:)}}    {ralign 12:{txt:(}0.583{txt:)}}   {txt}

{txt}3.country_id{res}        1.128***       -17.13***{txt}
            {res} {ralign 12:{txt:(}0.0837{txt:)}}    {ralign 12:{txt:(}1.094{txt:)}}   {txt}

{txt}4.country_id{res}        1.064***        3.451***{txt}
            {res} {ralign 12:{txt:(}0.232{txt:)}}    {ralign 12:{txt:(}0.960{txt:)}}   {txt}

{txt}5.country_id{res}       -0.767***        0.595***{txt}
            {res} {ralign 12:{txt:(}0.205{txt:)}}    {ralign 12:{txt:(}0.179{txt:)}}   {txt}

{txt}6.country_id{res}       -1.422***      -0.0156   {txt}
            {res} {ralign 12:{txt:(}0.446{txt:)}}    {ralign 12:{txt:(}0.379{txt:)}}   {txt}

{txt}7.country_id{res}       -0.960***        0.834***{txt}
            {res} {ralign 12:{txt:(}0.0973{txt:)}}    {ralign 12:{txt:(}0.125{txt:)}}   {txt}

{txt}8.country_id{res}       -0.518***        1.960***{txt}
            {res} {ralign 12:{txt:(}0.0966{txt:)}}    {ralign 12:{txt:(}0.284{txt:)}}   {txt}

{txt}quarter_id  {res}        0.238           0.538** {txt}
            {res} {ralign 12:{txt:(}0.163{txt:)}}    {ralign 12:{txt:(}0.267{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00783**       -0.0181** {txt}
            {res} {ralign 12:{txt:(}0.00368{txt:)}}    {ralign 12:{txt:(}0.00765{txt:)}}   {txt}

{txt}_cons       {res}       -0.656          -3.267   {txt}
            {res} {ralign 12:{txt:(}1.791{txt:)}}    {ralign 12:{txt:(}2.113{txt:)}}   {txt}
{hline 44}
{res}inflate                                     {txt}
{txt}ongoing_ba~t{res}       -5.828***       -4.969***{txt}
            {res} {ralign 12:{txt:(}0.971{txt:)}}    {ralign 12:{txt:(}0.854{txt:)}}   {txt}

{txt}_cons       {res}        4.473***        3.009** {txt}
            {res} {ralign 12:{txt:(}1.039{txt:)}}    {ralign 12:{txt:(}1.267{txt:)}}   {txt}
{hline 44}
{res}lnalpha                                     {txt}
{txt}_cons       {res}       -4.145          -14.03***{txt}
            {res} {ralign 12:{txt:(}3.448{txt:)}}    {ralign 12:{txt:(}1.139{txt:)}}   {txt}
{txt}{hline 44}
{txt}aic         {res}        384.5           226.1   {txt}
{txt}N           {res}          224             224   {txt}
{txt}N_zero      {res}          154             181   {txt}
{txt}N_clust     {res}            8               8   {txt}
{txt}{hline 44}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.9 - EMU-only countries (no Hungary and Romania)
. eststo m1 : zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq if  country_id!=6 & country_id!=8, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      168
                                                  {txt}Nonzero obs     =  {res}       46
                                                  {txt}Zero obs        =  {res}      122

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}11{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-128.5262                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:6} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.0930573{col 39}{space 2} .0279599{col 50}{space 1}   -3.33{col 59}{space 3}0.001{col 67}{space 4}-.1390472{col 80}{space 3}-.0470674
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0109558{col 39}{space 2} .0088702{col 50}{space 1}    1.24{col 59}{space 3}0.217{col 67}{space 4}-.0036345{col 80}{space 3}  .025546
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0017834{col 39}{space 2} .0108015{col 50}{space 1}    0.17{col 59}{space 3}0.869{col 67}{space 4}-.0159835{col 80}{space 3} .0195504
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0698845{col 39}{space 2} .1169369{col 50}{space 1}   -0.60{col 59}{space 3}0.550{col 67}{space 4}-.2622285{col 80}{space 3} .1224596
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.014263{col 39}{space 2} .2578377{col 50}{space 1}   -3.93{col 59}{space 3}0.000{col 67}{space 4}-1.438369{col 80}{space 3}-.5901579
{txt}{space 23}3  {c |}{col 27}{res}{space 2}  1.35795{col 39}{space 2}  .137903{col 50}{space 1}    9.85{col 59}{space 3}0.000{col 67}{space 4}  1.13112{col 80}{space 3} 1.584781
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.739899{col 39}{space 2} .4788813{col 50}{space 1}    3.63{col 59}{space 3}0.000{col 67}{space 4} .9522089{col 80}{space 3} 2.527588
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.8187934{col 39}{space 2} .2693975{col 50}{space 1}   -3.04{col 59}{space 3}0.002{col 67}{space 4}-1.261913{col 80}{space 3}-.3756739
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.7188235{col 39}{space 2} .1266984{col 50}{space 1}   -5.67{col 59}{space 3}0.000{col 67}{space 4}-.9272239{col 80}{space 3}-.5104231
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3262349{col 39}{space 2} .1940552{col 50}{space 1}    1.68{col 59}{space 3}0.093{col 67}{space 4} .0070425{col 80}{space 3} .6454273
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0113734{col 39}{space 2} .0049842{col 50}{space 1}   -2.28{col 59}{space 3}0.022{col 67}{space 4}-.0195716{col 80}{space 3}-.0031751
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .1504762{col 39}{space 2} 2.119186{col 50}{space 1}    0.07{col 59}{space 3}0.943{col 67}{space 4}-3.335275{col 80}{space 3} 3.636227
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.625007{col 39}{space 2} 1.060161{col 50}{space 1}   -5.31{col 59}{space 3}0.000{col 67}{space 4}-7.368817{col 80}{space 3}-3.881197
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.296253{col 39}{space 2} 1.080453{col 50}{space 1}    3.98{col 59}{space 3}0.000{col 67}{space 4} 2.519067{col 80}{space 3} 6.073439
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -3.24609{col 39}{space 2} 1.839066{col 50}{space 1}   -1.77{col 59}{space 3}0.078{col 67}{space 4}-6.271085{col 80}{space 3}-.2210956
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0389261{col 39}{space 2} .0715877{col 67}{space 4} .0018902{col 80}{space 3} .8016401
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2: zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq if  country_id!=6 & country_id!=8, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      168
                                                  {txt}Nonzero obs     =  {res}       30
                                                  {txt}Zero obs        =  {res}      138

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}11{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-69.05465                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:6} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3358813{col 39}{space 2} .1107287{col 50}{space 1}    3.03{col 59}{space 3}0.002{col 67}{space 4} .1537488{col 80}{space 3} .5180138
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0269154{col 39}{space 2} .0248098{col 50}{space 1}    1.08{col 59}{space 3}0.278{col 67}{space 4}-.0138931{col 80}{space 3} .0677238
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0582028{col 39}{space 2} .0127665{col 50}{space 1}    4.56{col 59}{space 3}0.000{col 67}{space 4} .0372037{col 80}{space 3} .0792019
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1208708{col 39}{space 2} .1237239{col 50}{space 1}    0.98{col 59}{space 3}0.329{col 67}{space 4} -.082637{col 80}{space 3} .3243786
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .5833019{col 39}{space 2} .1242592{col 50}{space 1}    4.69{col 59}{space 3}0.000{col 67}{space 4} .3789138{col 80}{space 3}   .78769
{txt}{space 23}3  {c |}{col 27}{res}{space 2} -16.2005{col 39}{space 2}  1.16174{col 50}{space 1}  -13.95{col 59}{space 3}0.000{col 67}{space 4}-18.11139{col 80}{space 3}-14.28961
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.734791{col 39}{space 2} 1.104695{col 50}{space 1}    2.48{col 59}{space 3}0.013{col 67}{space 4} .9177291{col 80}{space 3} 4.551854
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1453181{col 39}{space 2} .3214264{col 50}{space 1}    0.45{col 59}{space 3}0.651{col 67}{space 4}-.3833813{col 80}{space 3} .6740175
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5390476{col 39}{space 2} .1750981{col 50}{space 1}    3.08{col 59}{space 3}0.002{col 67}{space 4} .2510368{col 80}{space 3} .8270584
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2}  .410014{col 39}{space 2} .3310042{col 50}{space 1}    1.24{col 59}{space 3}0.215{col 67}{space 4}-.1344394{col 80}{space 3} .9544673
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0147064{col 39}{space 2} .0095646{col 50}{space 1}   -1.54{col 59}{space 3}0.124{col 67}{space 4}-.0304387{col 80}{space 3} .0010259
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-5.160401{col 39}{space 2} 3.480321{col 50}{space 1}   -1.48{col 59}{space 3}0.138{col 67}{space 4}-10.88502{col 80}{space 3} .5642172
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-19.00318{col 39}{space 2} 1.060159{col 50}{space 1}  -17.92{col 59}{space 3}0.000{col 67}{space 4}-20.74699{col 80}{space 3}-17.25937
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.792031{col 39}{space 2} 1.455382{col 50}{space 1}    1.92{col 59}{space 3}0.055{col 67}{space 4} .3981411{col 80}{space 3}  5.18592
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}  -23.317{col 39}{space 2} .3944162{col 50}{space 1}  -59.12{col 59}{space 3}0.000{col 67}{space 4}-23.96576{col 80}{space 3}-22.66825
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 7.47e-11{col 39}{space 2} 2.95e-11{col 67}{space 4} 3.91e-11{col 80}{space 3} 1.43e-10
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 44}
{txt}                      (1)             (2)   
{txt}             financial_~s    pub_labour~s   
{txt}{hline 44}
{res}main                                        {txt}
{txt}A_governme~p{res}      -0.0931***        0.336***{txt}
            {res} {ralign 12:{txt:(}0.0280{txt:)}}    {ralign 12:{txt:(}0.111{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0110          0.0269   {txt}
            {res} {ralign 12:{txt:(}0.00887{txt:)}}    {ralign 12:{txt:(}0.0248{txt:)}}   {txt}

{txt}M_bop       {res}      0.00178          0.0582***{txt}
            {res} {ralign 12:{txt:(}0.0108{txt:)}}    {ralign 12:{txt:(}0.0128{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0699           0.121   {txt}
            {res} {ralign 12:{txt:(}0.117{txt:)}}    {ralign 12:{txt:(}0.124{txt:)}}   {txt}

{txt}1.country_id{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.014***        0.583***{txt}
            {res} {ralign 12:{txt:(}0.258{txt:)}}    {ralign 12:{txt:(}0.124{txt:)}}   {txt}

{txt}3.country_id{res}        1.358***       -16.20***{txt}
            {res} {ralign 12:{txt:(}0.138{txt:)}}    {ralign 12:{txt:(}1.162{txt:)}}   {txt}

{txt}4.country_id{res}        1.740***        2.735** {txt}
            {res} {ralign 12:{txt:(}0.479{txt:)}}    {ralign 12:{txt:(}1.105{txt:)}}   {txt}

{txt}5.country_id{res}       -0.819***        0.145   {txt}
            {res} {ralign 12:{txt:(}0.269{txt:)}}    {ralign 12:{txt:(}0.321{txt:)}}   {txt}

{txt}7.country_id{res}       -0.719***        0.539***{txt}
            {res} {ralign 12:{txt:(}0.127{txt:)}}    {ralign 12:{txt:(}0.175{txt:)}}   {txt}

{txt}quarter_id  {res}        0.326*          0.410   {txt}
            {res} {ralign 12:{txt:(}0.194{txt:)}}    {ralign 12:{txt:(}0.331{txt:)}}   {txt}

{txt}quarter_id~q{res}      -0.0114**       -0.0147   {txt}
            {res} {ralign 12:{txt:(}0.00498{txt:)}}    {ralign 12:{txt:(}0.00956{txt:)}}   {txt}

{txt}_cons       {res}        0.150          -5.160   {txt}
            {res} {ralign 12:{txt:(}2.119{txt:)}}    {ralign 12:{txt:(}3.480{txt:)}}   {txt}
{hline 44}
{res}inflate                                     {txt}
{txt}ongoing_ba~t{res}       -5.625***       -19.00***{txt}
            {res} {ralign 12:{txt:(}1.060{txt:)}}    {ralign 12:{txt:(}1.060{txt:)}}   {txt}

{txt}_cons       {res}        4.296***        2.792*  {txt}
            {res} {ralign 12:{txt:(}1.080{txt:)}}    {ralign 12:{txt:(}1.455{txt:)}}   {txt}
{hline 44}
{res}lnalpha                                     {txt}
{txt}_cons       {res}       -3.246*         -23.32***{txt}
            {res} {ralign 12:{txt:(}1.839{txt:)}}    {ralign 12:{txt:(}0.394{txt:)}}   {txt}
{txt}{hline 44}
{txt}aic         {res}        267.1           150.1   {txt}
{txt}N           {res}          168             168   {txt}
{txt}N_zero      {res}          122             138   {txt}
{txt}N_clust     {res}            6               6   {txt}
{txt}{hline 44}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.10 - Controlling for gross capital inflows (FDI) and unionization level
. global xvar "A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate "
{txt}
{com}. 
. gen lag_unionization = l.unionization
{txt}(57 missing values generated)

{com}. gen d_unionization = d.unionization
{txt}(64 missing values generated)

{com}. label variable lag_unionization "Trade union density rate (%). 1-quarter lag"
{txt}
{com}. gen lag_fdi = l.fdi_perc
{txt}(8 missing values generated)

{com}. gen d_fdi = d.fdi_perc
{txt}(8 missing values generated)

{com}. label variable lag_fdi "Foreign direct investment, net inflows (% of GDP). 1-quarter lag"
{txt}
{com}. 
. eststo:  zinb financial_conditions $xvar lag_fdi  d_fdi  i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-298.90516}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-247.92902}  
Iteration 2:{space 3}log pseudolikelihood = {res:-225.90838}  
Iteration 3:{space 3}log pseudolikelihood = {res:-216.62187}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-215.52507}  
Iteration 5:{space 3}log pseudolikelihood = {res:-214.99328}  
Iteration 6:{space 3}log pseudolikelihood = {res:-214.98828}  
Iteration 7:{space 3}log pseudolikelihood = {res:-214.98828}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-214.98828}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-202.67087}  
Iteration 2:{space 3}log pseudolikelihood = {res:-193.74151}  
Iteration 3:{space 3}log pseudolikelihood = {res:-187.22876}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-184.72521}  
Iteration 5:{space 3}log pseudolikelihood = {res:-183.39913}  
Iteration 6:{space 3}log pseudolikelihood = {res: -183.1672}  (not concave)
Iteration 7:{space 3}log pseudolikelihood = {res:-183.16478}  
Iteration 8:{space 3}log pseudolikelihood = {res:-183.16372}  
Iteration 9:{space 3}log pseudolikelihood = {res:-183.16372}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-183.1637                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1038068{col 39}{space 2} .0413098{col 50}{space 1}   -2.51{col 59}{space 3}0.012{col 67}{space 4}-.1847724{col 80}{space 3}-.0228411
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .016569{col 39}{space 2} .0122624{col 50}{space 1}    1.35{col 59}{space 3}0.177{col 67}{space 4}-.0074649{col 80}{space 3} .0406029
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0025824{col 39}{space 2} .0116594{col 50}{space 1}    0.22{col 59}{space 3}0.825{col 67}{space 4}-.0202696{col 80}{space 3} .0254343
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0640185{col 39}{space 2} .0822313{col 50}{space 1}   -0.78{col 59}{space 3}0.436{col 67}{space 4}-.2251889{col 80}{space 3} .0971519
{txt}{space 18}lag_fdi {c |}{col 27}{res}{space 2}-.0067101{col 39}{space 2} .0032405{col 50}{space 1}   -2.07{col 59}{space 3}0.038{col 67}{space 4}-.0130613{col 80}{space 3}-.0003588
{txt}{space 20}d_fdi {c |}{col 27}{res}{space 2}-.0095934{col 39}{space 2} .0055104{col 50}{space 1}   -1.74{col 59}{space 3}0.082{col 67}{space 4}-.0203937{col 80}{space 3} .0012069
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} -1.16787{col 39}{space 2} .1770783{col 50}{space 1}   -6.60{col 59}{space 3}0.000{col 67}{space 4}-1.514937{col 80}{space 3} -.820803
{txt}{space 23}3  {c |}{col 27}{res}{space 2}  1.13057{col 39}{space 2} .1383558{col 50}{space 1}    8.17{col 59}{space 3}0.000{col 67}{space 4} .8593977{col 80}{space 3} 1.401743
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.002316{col 39}{space 2} .2716458{col 50}{space 1}    7.37{col 59}{space 3}0.000{col 67}{space 4}   1.4699{col 80}{space 3} 2.534732
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.7377414{col 39}{space 2} .2033082{col 50}{space 1}   -3.63{col 59}{space 3}0.000{col 67}{space 4}-1.136218{col 80}{space 3}-.3392646
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.343277{col 39}{space 2} .3971174{col 50}{space 1}   -3.38{col 59}{space 3}0.001{col 67}{space 4}-2.121612{col 80}{space 3}-.5649408
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.7223613{col 39}{space 2} .1098233{col 50}{space 1}   -6.58{col 59}{space 3}0.000{col 67}{space 4} -.937611{col 80}{space 3}-.5071117
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.4038661{col 39}{space 2} .0845608{col 50}{space 1}   -4.78{col 59}{space 3}0.000{col 67}{space 4}-.5696022{col 80}{space 3}  -.23813
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .1818136{col 39}{space 2} .1238374{col 50}{space 1}    1.47{col 59}{space 3}0.142{col 67}{space 4}-.0609034{col 80}{space 3} .4245305
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0065638{col 39}{space 2} .0026921{col 50}{space 1}   -2.44{col 59}{space 3}0.015{col 67}{space 4}-.0118402{col 80}{space 3}-.0012874
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 1.161169{col 39}{space 2} 1.483636{col 50}{space 1}    0.78{col 59}{space 3}0.434{col 67}{space 4}-1.746703{col 80}{space 3} 4.069042
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.785391{col 39}{space 2} .9963422{col 50}{space 1}   -5.81{col 59}{space 3}0.000{col 67}{space 4}-7.738186{col 80}{space 3}-3.832597
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.527655{col 39}{space 2} 1.050615{col 50}{space 1}    4.31{col 59}{space 3}0.000{col 67}{space 4} 2.468487{col 80}{space 3} 6.586823
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-5.138566{col 39}{space 2} 9.350481{col 50}{space 1}   -0.55{col 59}{space 3}0.583{col 67}{space 4}-23.46517{col 80}{space 3} 13.18804
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0058661{col 39}{space 2} .0548508{col 67}{space 4} 6.44e-11{col 80}{space 3} 533940.6
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb pub_labour_conditions $xvar lag_unionization d_unionization i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-145.93417}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-124.40683}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-108.62383}  
Iteration 3:{space 3}log pseudolikelihood = {res:-107.03129}  
Iteration 4:{space 3}log pseudolikelihood = {res:-106.76424}  
Iteration 5:{space 3}log pseudolikelihood = {res:-106.58465}  
Iteration 6:{space 3}log pseudolikelihood = {res:  -106.534}  
Iteration 7:{space 3}log pseudolikelihood = {res:-106.50355}  
Iteration 8:{space 3}log pseudolikelihood = {res:-106.49442}  
Iteration 9:{space 3}log pseudolikelihood = {res: -106.4918}  
Iteration 10:{space 2}log pseudolikelihood = {res:-106.49112}  
Iteration 11:{space 2}log pseudolikelihood = {res:-106.49099}  
Iteration 12:{space 2}log pseudolikelihood = {res:-106.49096}  
Iteration 13:{space 2}log pseudolikelihood = {res:-106.49096}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-106.49096}  
Iteration 1:{space 3}log pseudolikelihood = {res:-89.933704}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-89.845627}  
Iteration 3:{space 3}log pseudolikelihood = {res: -88.60118}  
Iteration 4:{space 3}log pseudolikelihood = {res:-88.363991}  
Iteration 5:{space 3}log pseudolikelihood = {res:-88.308565}  
Iteration 6:{space 3}log pseudolikelihood = {res:-88.296106}  
Iteration 7:{space 3}log pseudolikelihood = {res:-88.293218}  
Iteration 8:{space 3}log pseudolikelihood = {res:  -88.2926}  
Iteration 9:{space 3}log pseudolikelihood = {res:-88.292503}  
Iteration 10:{space 2}log pseudolikelihood = {res:-88.292491}  
Iteration 11:{space 2}log pseudolikelihood = {res:-88.292489}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      178
                                                  {txt}Nonzero obs     =  {res}       38
                                                  {txt}Zero obs        =  {res}      140

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-88.29249                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .4881758{col 39}{space 2} .2078218{col 50}{space 1}    2.35{col 59}{space 3}0.019{col 67}{space 4} .0808525{col 80}{space 3} .8954991
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0209534{col 39}{space 2} .0309377{col 50}{space 1}    0.68{col 59}{space 3}0.498{col 67}{space 4}-.0396835{col 80}{space 3} .0815902
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0347665{col 39}{space 2} .0224025{col 50}{space 1}    1.55{col 59}{space 3}0.121{col 67}{space 4}-.0091416{col 80}{space 3} .0786745
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0221718{col 39}{space 2} .2338452{col 50}{space 1}   -0.09{col 59}{space 3}0.924{col 67}{space 4}-.4804999{col 80}{space 3} .4361563
{txt}{space 9}lag_unionization {c |}{col 27}{res}{space 2}-.1163619{col 39}{space 2} .0706881{col 50}{space 1}   -1.65{col 59}{space 3}0.100{col 67}{space 4}-.2549081{col 80}{space 3} .0221842
{txt}{space 11}d_unionization {c |}{col 27}{res}{space 2} .2106386{col 39}{space 2} .0562785{col 50}{space 1}    3.74{col 59}{space 3}0.000{col 67}{space 4} .1003347{col 80}{space 3} .3209425
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.0525381{col 39}{space 2} .9015898{col 50}{space 1}   -0.06{col 59}{space 3}0.954{col 67}{space 4}-1.819622{col 80}{space 3} 1.714545
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.23808{col 39}{space 2} 1.380689{col 50}{space 1}  -12.49{col 59}{space 3}0.000{col 67}{space 4}-19.94418{col 80}{space 3}-14.53198
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 4.471387{col 39}{space 2} 2.113496{col 50}{space 1}    2.12{col 59}{space 3}0.034{col 67}{space 4} .3290117{col 80}{space 3} 8.613763
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-1.941847{col 39}{space 2} 1.556026{col 50}{space 1}   -1.25{col 59}{space 3}0.212{col 67}{space 4}-4.991602{col 80}{space 3} 1.107908
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-16.89061{col 39}{space 2} 1.611987{col 50}{space 1}  -10.48{col 59}{space 3}0.000{col 67}{space 4}-20.05005{col 80}{space 3}-13.73117
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.8246764{col 39}{space 2} .8699494{col 50}{space 1}   -0.95{col 59}{space 3}0.343{col 67}{space 4}-2.529746{col 80}{space 3} .8803932
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.450382{col 39}{space 2}  .279751{col 50}{space 1}    5.18{col 59}{space 3}0.000{col 67}{space 4} .9020801{col 80}{space 3} 1.998684
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4804606{col 39}{space 2} .2356617{col 50}{space 1}    2.04{col 59}{space 3}0.041{col 67}{space 4} .0185722{col 80}{space 3}  .942349
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0162848{col 39}{space 2}  .007497{col 50}{space 1}   -2.17{col 59}{space 3}0.030{col 67}{space 4}-.0309788{col 80}{space 3}-.0015909
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-2.953308{col 39}{space 2} 3.047292{col 50}{space 1}   -0.97{col 59}{space 3}0.332{col 67}{space 4} -8.92589{col 80}{space 3} 3.019275
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-36.41621{col 39}{space 2} 2.148105{col 50}{space 1}  -16.95{col 59}{space 3}0.000{col 67}{space 4}-40.62642{col 80}{space 3}  -32.206
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.429532{col 39}{space 2} 1.469235{col 50}{space 1}    1.65{col 59}{space 3}0.098{col 67}{space 4}-.4501148{col 80}{space 3} 5.309179
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-1.954365{col 39}{space 2} 1.090488{col 50}{space 1}   -1.79{col 59}{space 3}0.073{col 67}{space 4}-4.091682{col 80}{space 3} .1829534
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .1416545{col 39}{space 2} .1544726{col 67}{space 4} .0167111{col 80}{space 3} 1.200758
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 44}
{txt}                      (1)             (2)   
{txt}             financial_~s    pub_labour~s   
{txt}{hline 44}
{res}main                                        {txt}
{txt}A_governme~p{res}       -0.104**         0.488** {txt}
            {res} {ralign 12:{txt:(}0.0413{txt:)}}    {ralign 12:{txt:(}0.208{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0166          0.0210   {txt}
            {res} {ralign 12:{txt:(}0.0123{txt:)}}    {ralign 12:{txt:(}0.0309{txt:)}}   {txt}

{txt}M_bop       {res}      0.00258          0.0348   {txt}
            {res} {ralign 12:{txt:(}0.0117{txt:)}}    {ralign 12:{txt:(}0.0224{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0640         -0.0222   {txt}
            {res} {ralign 12:{txt:(}0.0822{txt:)}}    {ralign 12:{txt:(}0.234{txt:)}}   {txt}

{txt}lag_fdi     {res}     -0.00671**                 {txt}
            {res} {ralign 12:{txt:(}0.00324{txt:)}}                   {txt}

{txt}d_fdi       {res}     -0.00959*                  {txt}
            {res} {ralign 12:{txt:(}0.00551{txt:)}}                   {txt}

{txt}1.country_id{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.168***      -0.0525   {txt}
            {res} {ralign 12:{txt:(}0.177{txt:)}}    {ralign 12:{txt:(}0.902{txt:)}}   {txt}

{txt}3.country_id{res}        1.131***       -17.24***{txt}
            {res} {ralign 12:{txt:(}0.138{txt:)}}    {ralign 12:{txt:(}1.381{txt:)}}   {txt}

{txt}4.country_id{res}        2.002***        4.471** {txt}
            {res} {ralign 12:{txt:(}0.272{txt:)}}    {ralign 12:{txt:(}2.113{txt:)}}   {txt}

{txt}5.country_id{res}       -0.738***       -1.942   {txt}
            {res} {ralign 12:{txt:(}0.203{txt:)}}    {ralign 12:{txt:(}1.556{txt:)}}   {txt}

{txt}6.country_id{res}       -1.343***       -16.89***{txt}
            {res} {ralign 12:{txt:(}0.397{txt:)}}    {ralign 12:{txt:(}1.612{txt:)}}   {txt}

{txt}7.country_id{res}       -0.722***       -0.825   {txt}
            {res} {ralign 12:{txt:(}0.110{txt:)}}    {ralign 12:{txt:(}0.870{txt:)}}   {txt}

{txt}8.country_id{res}       -0.404***        1.450***{txt}
            {res} {ralign 12:{txt:(}0.0846{txt:)}}    {ralign 12:{txt:(}0.280{txt:)}}   {txt}

{txt}quarter_id  {res}        0.182           0.480** {txt}
            {res} {ralign 12:{txt:(}0.124{txt:)}}    {ralign 12:{txt:(}0.236{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00656**       -0.0163** {txt}
            {res} {ralign 12:{txt:(}0.00269{txt:)}}    {ralign 12:{txt:(}0.00750{txt:)}}   {txt}

{txt}lag_unioni~n{res}                       -0.116*  {txt}
            {res}                 {ralign 12:{txt:(}0.0707{txt:)}}   {txt}

{txt}d_unioniza~n{res}                        0.211***{txt}
            {res}                 {ralign 12:{txt:(}0.0563{txt:)}}   {txt}

{txt}_cons       {res}        1.161          -2.953   {txt}
            {res} {ralign 12:{txt:(}1.484{txt:)}}    {ralign 12:{txt:(}3.047{txt:)}}   {txt}
{hline 44}
{res}inflate                                     {txt}
{txt}ongoing_ba~t{res}       -5.785***       -36.42***{txt}
            {res} {ralign 12:{txt:(}0.996{txt:)}}    {ralign 12:{txt:(}2.148{txt:)}}   {txt}

{txt}_cons       {res}        4.528***        2.430*  {txt}
            {res} {ralign 12:{txt:(}1.051{txt:)}}    {ralign 12:{txt:(}1.469{txt:)}}   {txt}
{hline 44}
{res}lnalpha                                     {txt}
{txt}_cons       {res}       -5.139          -1.954*  {txt}
            {res} {ralign 12:{txt:(}9.350{txt:)}}    {ralign 12:{txt:(}1.090{txt:)}}   {txt}
{txt}{hline 44}
{txt}aic         {res}        382.3           192.6   {txt}
{txt}N           {res}          224             178   {txt}
{txt}N_zero      {res}          154             140   {txt}
{txt}N_clust     {res}            8               8   {txt}
{txt}{hline 44}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.11 - Controlling for unemployment (at the quarter level) or public sector unempl and youth unemployment (yearly level)
. gen d_public_sector_unempl = d.l4.public_sector_unempl
{txt}(45 missing values generated)

{com}. gen l_public_sector_unempl = l4.public_sector_unempl
{txt}(36 missing values generated)

{com}. gen d_youth_unempl = d.l4.youth_unempl
{txt}(40 missing values generated)

{com}. gen l_youth_unempl = l4.youth_unempl
{txt}(32 missing values generated)

{com}. gen d_unempl_quarter= d.l4.unempl_quarter
{txt}(104 missing values generated)

{com}. gen l_unempl_quarter= l4.unempl_quarter
{txt}(96 missing values generated)

{com}. 
. eststo m1:  zinb financial_conditions $xvar  l_youth_unempl d_youth_unempl d_public_sector_unempl l_public_sector_unempl i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      219
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      149

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}17{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-174.7655                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.0720487{col 39}{space 2} .0308739{col 50}{space 1}   -2.33{col 59}{space 3}0.020{col 67}{space 4}-.1325606{col 80}{space 3}-.0115369
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0233459{col 39}{space 2} .0169868{col 50}{space 1}    1.37{col 59}{space 3}0.169{col 67}{space 4}-.0099477{col 80}{space 3} .0566394
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0066651{col 39}{space 2} .0124859{col 50}{space 1}    0.53{col 59}{space 3}0.593{col 67}{space 4}-.0178068{col 80}{space 3}  .031137
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0893383{col 39}{space 2} .0692776{col 50}{space 1}   -1.29{col 59}{space 3}0.197{col 67}{space 4}-.2251199{col 80}{space 3} .0464434
{txt}{space 11}l_youth_unempl {c |}{col 27}{res}{space 2}-.0261531{col 39}{space 2} .0404259{col 50}{space 1}   -0.65{col 59}{space 3}0.518{col 67}{space 4}-.1053865{col 80}{space 3} .0530802
{txt}{space 11}d_youth_unempl {c |}{col 27}{res}{space 2} .0285732{col 39}{space 2} .0213529{col 50}{space 1}    1.34{col 59}{space 3}0.181{col 67}{space 4}-.0132778{col 80}{space 3} .0704242
{txt}{space 3}d_public_sector_unempl {c |}{col 27}{res}{space 2}-11.92626{col 39}{space 2} 7.175344{col 50}{space 1}   -1.66{col 59}{space 3}0.096{col 67}{space 4}-25.98967{col 80}{space 3} 2.137158
{txt}{space 3}l_public_sector_unempl {c |}{col 27}{res}{space 2}-37.04324{col 39}{space 2} 20.40855{col 50}{space 1}   -1.82{col 59}{space 3}0.070{col 67}{space 4}-77.04327{col 80}{space 3} 2.956782
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-2.760419{col 39}{space 2} 1.370947{col 50}{space 1}   -2.01{col 59}{space 3}0.044{col 67}{space 4}-5.447425{col 80}{space 3}-.0734129
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-.3155878{col 39}{space 2}  1.57319{col 50}{space 1}   -0.20{col 59}{space 3}0.841{col 67}{space 4}-3.398984{col 80}{space 3} 2.767809
{txt}{space 23}4  {c |}{col 27}{res}{space 2}-1.254525{col 39}{space 2}  1.31631{col 50}{space 1}   -0.95{col 59}{space 3}0.341{col 67}{space 4}-3.834445{col 80}{space 3} 1.325394
{txt}{space 23}5  {c |}{col 27}{res}{space 2} -1.64424{col 39}{space 2} .8290315{col 50}{space 1}   -1.98{col 59}{space 3}0.047{col 67}{space 4}-3.269112{col 80}{space 3}-.0193679
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-2.131651{col 39}{space 2} .8897644{col 50}{space 1}   -2.40{col 59}{space 3}0.017{col 67}{space 4}-3.875557{col 80}{space 3}-.3877446
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-2.616934{col 39}{space 2} .9485533{col 50}{space 1}   -2.76{col 59}{space 3}0.006{col 67}{space 4}-4.476064{col 80}{space 3}-.7578034
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-5.716523{col 39}{space 2} 2.798662{col 50}{space 1}   -2.04{col 59}{space 3}0.041{col 67}{space 4} -11.2018{col 80}{space 3}-.2312459
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2}  .580286{col 39}{space 2} .1543849{col 50}{space 1}    3.76{col 59}{space 3}0.000{col 67}{space 4} .2776971{col 80}{space 3} .8828749
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0146014{col 39}{space 2} .0030564{col 50}{space 1}   -4.78{col 59}{space 3}0.000{col 67}{space 4}-.0205918{col 80}{space 3} -.008611
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 6.864732{col 39}{space 2}   4.4334{col 50}{space 1}    1.55{col 59}{space 3}0.122{col 67}{space 4}-1.824572{col 80}{space 3} 15.55404
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-6.011734{col 39}{space 2} 1.079718{col 50}{space 1}   -5.57{col 59}{space 3}0.000{col 67}{space 4}-8.127942{col 80}{space 3}-3.895525
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.333947{col 39}{space 2} 1.022764{col 50}{space 1}    4.24{col 59}{space 3}0.000{col 67}{space 4} 2.329366{col 80}{space 3} 6.338528
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-19.80845{col 39}{space 2} .3412129{col 50}{space 1}  -58.05{col 59}{space 3}0.000{col 67}{space 4}-20.47722{col 80}{space 3}-19.13969
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 2.50e-09{col 39}{space 2} 8.52e-10{col 67}{space 4} 1.28e-09{col 80}{space 3} 4.87e-09
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions $xvar l_youth_unempl d_youth_unempl d_public_sector_unempl l_public_sector_unempl i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      219
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      176

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}17{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-101.3741                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .4327775{col 39}{space 2} .0923369{col 50}{space 1}    4.69{col 59}{space 3}0.000{col 67}{space 4} .2518005{col 80}{space 3} .6137545
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0336748{col 39}{space 2} .0266146{col 50}{space 1}    1.27{col 59}{space 3}0.206{col 67}{space 4} -.018489{col 80}{space 3} .0858385
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0080312{col 39}{space 2} .0484737{col 50}{space 1}    0.17{col 59}{space 3}0.868{col 67}{space 4}-.0869755{col 80}{space 3} .1030379
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0118621{col 39}{space 2} .0762726{col 50}{space 1}    0.16{col 59}{space 3}0.876{col 67}{space 4}-.1376295{col 80}{space 3} .1613537
{txt}{space 11}l_youth_unempl {c |}{col 27}{res}{space 2}-.0424512{col 39}{space 2} .0176734{col 50}{space 1}   -2.40{col 59}{space 3}0.016{col 67}{space 4}-.0770904{col 80}{space 3} -.007812
{txt}{space 11}d_youth_unempl {c |}{col 27}{res}{space 2} .0320471{col 39}{space 2} .0265104{col 50}{space 1}    1.21{col 59}{space 3}0.227{col 67}{space 4}-.0199123{col 80}{space 3} .0840066
{txt}{space 3}d_public_sector_unempl {c |}{col 27}{res}{space 2} 32.30916{col 39}{space 2} 24.85021{col 50}{space 1}    1.30{col 59}{space 3}0.194{col 67}{space 4}-16.39635{col 80}{space 3} 81.01467
{txt}{space 3}l_public_sector_unempl {c |}{col 27}{res}{space 2}-18.02621{col 39}{space 2}  7.35026{col 50}{space 1}   -2.45{col 59}{space 3}0.014{col 67}{space 4}-32.43245{col 80}{space 3}-3.619961
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .2586413{col 39}{space 2} .3319968{col 50}{space 1}    0.78{col 59}{space 3}0.436{col 67}{space 4}-.3920605{col 80}{space 3} .9093431
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-18.76776{col 39}{space 2}  1.10271{col 50}{space 1}  -17.02{col 59}{space 3}0.000{col 67}{space 4}-20.92903{col 80}{space 3}-16.60649
{txt}{space 23}4  {c |}{col 27}{res}{space 2}  2.63145{col 39}{space 2} .5293961{col 50}{space 1}    4.97{col 59}{space 3}0.000{col 67}{space 4} 1.593852{col 80}{space 3} 3.669047
{txt}{space 23}5  {c |}{col 27}{res}{space 2} -.351163{col 39}{space 2}  .283853{col 50}{space 1}   -1.24{col 59}{space 3}0.216{col 67}{space 4}-.9075046{col 80}{space 3} .2051786
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.4566208{col 39}{space 2} .2737388{col 50}{space 1}   -1.67{col 59}{space 3}0.095{col 67}{space 4}-.9931389{col 80}{space 3} .0798974
{txt}{space 23}7  {c |}{col 27}{res}{space 2} -.516987{col 39}{space 2} .5112018{col 50}{space 1}   -1.01{col 59}{space 3}0.312{col 67}{space 4}-1.518924{col 80}{space 3} .4849501
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-1.156935{col 39}{space 2} 1.224093{col 50}{space 1}   -0.95{col 59}{space 3}0.345{col 67}{space 4}-3.556113{col 80}{space 3} 1.242243
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .8502253{col 39}{space 2} .2478281{col 50}{space 1}    3.43{col 59}{space 3}0.001{col 67}{space 4} .3644912{col 80}{space 3} 1.335959
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0244889{col 39}{space 2}  .006318{col 50}{space 1}   -3.88{col 59}{space 3}0.000{col 67}{space 4} -.036872{col 80}{space 3}-.0121058
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-4.301026{col 39}{space 2} 2.040037{col 50}{space 1}   -2.11{col 59}{space 3}0.035{col 67}{space 4}-8.299425{col 80}{space 3}-.3026261
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.429587{col 39}{space 2} .8685872{col 50}{space 1}   -5.10{col 59}{space 3}0.000{col 67}{space 4}-6.131987{col 80}{space 3}-2.727188
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}  2.75789{col 39}{space 2} 1.270224{col 50}{space 1}    2.17{col 59}{space 3}0.030{col 67}{space 4} .2682967{col 80}{space 3} 5.247483
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-17.47694{col 39}{space 2} .3700542{col 50}{space 1}  -47.23{col 59}{space 3}0.000{col 67}{space 4}-18.20224{col 80}{space 3}-16.75165
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 2.57e-08{col 39}{space 2} 9.51e-09{col 67}{space 4} 1.24e-08{col 80}{space 3} 5.31e-08
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m3 :  zinb financial_conditions $xvar d_unempl_quarter l_unempl_quarter i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      160
                                                  {txt}Nonzero obs     =  {res}       61
                                                  {txt}Zero obs        =  {res}       99

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-155.9099                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1288628{col 39}{space 2} .0488786{col 50}{space 1}   -2.64{col 59}{space 3}0.008{col 67}{space 4}-.2246631{col 80}{space 3}-.0330625
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .015617{col 39}{space 2} .0140895{col 50}{space 1}    1.11{col 59}{space 3}0.268{col 67}{space 4}-.0119979{col 80}{space 3} .0432319
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0094763{col 39}{space 2} .0155773{col 50}{space 1}   -0.61{col 59}{space 3}0.543{col 67}{space 4}-.0400072{col 80}{space 3} .0210545
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0924578{col 39}{space 2} .0959864{col 50}{space 1}   -0.96{col 59}{space 3}0.335{col 67}{space 4}-.2805876{col 80}{space 3} .0956721
{txt}{space 9}d_unempl_quarter {c |}{col 27}{res}{space 2} .0858757{col 39}{space 2} .1489981{col 50}{space 1}    0.58{col 59}{space 3}0.564{col 67}{space 4}-.2061553{col 80}{space 3} .3779067
{txt}{space 9}l_unempl_quarter {c |}{col 27}{res}{space 2} -.060516{col 39}{space 2} .0919743{col 50}{space 1}   -0.66{col 59}{space 3}0.511{col 67}{space 4}-.2407823{col 80}{space 3} .1197503
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-.9854457{col 39}{space 2} .2474538{col 50}{space 1}   -3.98{col 59}{space 3}0.000{col 67}{space 4}-1.470446{col 80}{space 3}-.5004451
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.643794{col 39}{space 2} .6132169{col 50}{space 1}    2.68{col 59}{space 3}0.007{col 67}{space 4} .4419109{col 80}{space 3} 2.845677
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.089975{col 39}{space 2} .3832115{col 50}{space 1}    2.84{col 59}{space 3}0.004{col 67}{space 4} .3388938{col 80}{space 3} 1.841055
{txt}{space 23}5  {c |}{col 27}{res}{space 2} -.476394{col 39}{space 2} .2749283{col 50}{space 1}   -1.73{col 59}{space 3}0.083{col 67}{space 4}-1.015244{col 80}{space 3} .0624555
{txt}{space 23}6  {c |}{col 27}{res}{space 2} -1.79128{col 39}{space 2} .4777882{col 50}{space 1}   -3.75{col 59}{space 3}0.000{col 67}{space 4}-2.727728{col 80}{space 3}-.8548326
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.8182725{col 39}{space 2} .2040829{col 50}{space 1}   -4.01{col 59}{space 3}0.000{col 67}{space 4}-1.218268{col 80}{space 3}-.4182773
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.5668887{col 39}{space 2} .5772645{col 50}{space 1}   -0.98{col 59}{space 3}0.326{col 67}{space 4}-1.698306{col 80}{space 3} .5645289
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3711462{col 39}{space 2} .1652187{col 50}{space 1}    2.25{col 59}{space 3}0.025{col 67}{space 4} .0473235{col 80}{space 3} .6949689
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0107887{col 39}{space 2} .0037898{col 50}{space 1}   -2.85{col 59}{space 3}0.004{col 67}{space 4}-.0182165{col 80}{space 3}-.0033609
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .0112035{col 39}{space 2} 2.003541{col 50}{space 1}    0.01{col 59}{space 3}0.996{col 67}{space 4}-3.915665{col 80}{space 3} 3.938072
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.295276{col 39}{space 2} 1.098662{col 50}{space 1}   -4.82{col 59}{space 3}0.000{col 67}{space 4}-7.448615{col 80}{space 3}-3.141938
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 3.791912{col 39}{space 2} 1.066864{col 50}{space 1}    3.55{col 59}{space 3}0.000{col 67}{space 4} 1.700896{col 80}{space 3} 5.882928
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-4.469827{col 39}{space 2} 5.120163{col 50}{space 1}   -0.87{col 59}{space 3}0.383{col 67}{space 4}-14.50516{col 80}{space 3} 5.565508
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0114493{col 39}{space 2} .0586222{col 67}{space 4} 5.02e-07{col 80}{space 3} 261.2578
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m4:  zinb pub_labour_conditions $xvar d_unempl_quarter l_unempl_quarter i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      160
                                                  {txt}Nonzero obs     =  {res}       37
                                                  {txt}Zero obs        =  {res}      123

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-82.53774                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3442893{col 39}{space 2} .1453953{col 50}{space 1}    2.37{col 59}{space 3}0.018{col 67}{space 4} .0593197{col 80}{space 3} .6292589
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0310503{col 39}{space 2} .0336781{col 50}{space 1}    0.92{col 59}{space 3}0.357{col 67}{space 4}-.0349576{col 80}{space 3} .0970582
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0215242{col 39}{space 2} .0280554{col 50}{space 1}    0.77{col 59}{space 3}0.443{col 67}{space 4}-.0334633{col 80}{space 3} .0765116
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0339568{col 39}{space 2} .0744054{col 50}{space 1}    0.46{col 59}{space 3}0.648{col 67}{space 4}-.1118751{col 80}{space 3} .1797886
{txt}{space 9}d_unempl_quarter {c |}{col 27}{res}{space 2}-.2268705{col 39}{space 2} .1195634{col 50}{space 1}   -1.90{col 59}{space 3}0.058{col 67}{space 4}-.4612105{col 80}{space 3} .0074695
{txt}{space 9}l_unempl_quarter {c |}{col 27}{res}{space 2}-.0222686{col 39}{space 2} .0377094{col 50}{space 1}   -0.59{col 59}{space 3}0.555{col 67}{space 4}-.0961777{col 80}{space 3} .0516405
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .7366006{col 39}{space 2} .1365911{col 50}{space 1}    5.39{col 59}{space 3}0.000{col 67}{space 4}  .468887{col 80}{space 3} 1.004314
{txt}{space 23}3  {c |}{col 27}{res}{space 2}  -23.253{col 39}{space 2}  1.16532{col 50}{space 1}  -19.95{col 59}{space 3}0.000{col 67}{space 4}-25.53699{col 80}{space 3}-20.96902
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.616579{col 39}{space 2}  .484359{col 50}{space 1}    5.40{col 59}{space 3}0.000{col 67}{space 4} 1.667253{col 80}{space 3} 3.565906
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .0645655{col 39}{space 2} .2693143{col 50}{space 1}    0.24{col 59}{space 3}0.811{col 67}{space 4}-.4632809{col 80}{space 3} .5924119
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-23.93225{col 39}{space 2} 1.105398{col 50}{space 1}  -21.65{col 59}{space 3}0.000{col 67}{space 4}-26.09879{col 80}{space 3}-21.76571
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .6081235{col 39}{space 2} .1317366{col 50}{space 1}    4.62{col 59}{space 3}0.000{col 67}{space 4} .3499245{col 80}{space 3} .8663225
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.430414{col 39}{space 2} .2851178{col 50}{space 1}    5.02{col 59}{space 3}0.000{col 67}{space 4} .8715935{col 80}{space 3} 1.989235
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .0904739{col 39}{space 2} .2443189{col 50}{space 1}    0.37{col 59}{space 3}0.711{col 67}{space 4}-.3883823{col 80}{space 3} .5693301
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2} -.007311{col 39}{space 2}  .006181{col 50}{space 1}   -1.18{col 59}{space 3}0.237{col 67}{space 4}-.0194256{col 80}{space 3} .0048036
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-1.316255{col 39}{space 2} 2.418712{col 50}{space 1}   -0.54{col 59}{space 3}0.586{col 67}{space 4}-6.056842{col 80}{space 3} 3.424333
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.058498{col 39}{space 2} 1.266049{col 50}{space 1}   -3.21{col 59}{space 3}0.001{col 67}{space 4}-6.539907{col 80}{space 3}-1.577088
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 1.928544{col 39}{space 2} 1.388063{col 50}{space 1}    1.39{col 59}{space 3}0.165{col 67}{space 4}-.7920103{col 80}{space 3} 4.649098
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -15.1966{col 39}{space 2} .6758296{col 50}{space 1}  -22.49{col 59}{space 3}0.000{col 67}{space 4} -16.5212{col 80}{space 3}  -13.872
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 2.51e-07{col 39}{space 2} 1.70e-07{col 67}{space 4} 6.68e-08{col 80}{space 3} 9.45e-07
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 m3 m4, star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust) 
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    pub_labour~s    financial_~s    pub_labour~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}A_governme~p{res}      -0.0720**         0.433***       -0.129***        0.344** {txt}
            {res} {ralign 12:{txt:(}0.0309{txt:)}}    {ralign 12:{txt:(}0.0923{txt:)}}    {ralign 12:{txt:(}0.0489{txt:)}}    {ralign 12:{txt:(}0.145{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0233          0.0337          0.0156          0.0311   {txt}
            {res} {ralign 12:{txt:(}0.0170{txt:)}}    {ralign 12:{txt:(}0.0266{txt:)}}    {ralign 12:{txt:(}0.0141{txt:)}}    {ralign 12:{txt:(}0.0337{txt:)}}   {txt}

{txt}M_bop       {res}      0.00667         0.00803        -0.00948          0.0215   {txt}
            {res} {ralign 12:{txt:(}0.0125{txt:)}}    {ralign 12:{txt:(}0.0485{txt:)}}    {ralign 12:{txt:(}0.0156{txt:)}}    {ralign 12:{txt:(}0.0281{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0893          0.0119         -0.0925          0.0340   {txt}
            {res} {ralign 12:{txt:(}0.0693{txt:)}}    {ralign 12:{txt:(}0.0763{txt:)}}    {ralign 12:{txt:(}0.0960{txt:)}}    {ralign 12:{txt:(}0.0744{txt:)}}   {txt}

{txt}l_youth_un~l{res}      -0.0262         -0.0425**                                 {txt}
            {res} {ralign 12:{txt:(}0.0404{txt:)}}    {ralign 12:{txt:(}0.0177{txt:)}}                                   {txt}

{txt}d_youth_un~l{res}       0.0286          0.0320                                   {txt}
            {res} {ralign 12:{txt:(}0.0214{txt:)}}    {ralign 12:{txt:(}0.0265{txt:)}}                                   {txt}

{txt}d_public_s~l{res}       -11.93*          32.31                                   {txt}
            {res} {ralign 12:{txt:(}7.175{txt:)}}    {ralign 12:{txt:(}24.85{txt:)}}                                   {txt}

{txt}l_public_s~l{res}       -37.04*         -18.03**                                 {txt}
            {res} {ralign 12:{txt:(}20.41{txt:)}}    {ralign 12:{txt:(}7.350{txt:)}}                                   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -2.760**         0.259          -0.985***        0.737***{txt}
            {res} {ralign 12:{txt:(}1.371{txt:)}}    {ralign 12:{txt:(}0.332{txt:)}}    {ralign 12:{txt:(}0.247{txt:)}}    {ralign 12:{txt:(}0.137{txt:)}}   {txt}

{txt}3.country_id{res}       -0.316          -18.77***        1.644***       -23.25***{txt}
            {res} {ralign 12:{txt:(}1.573{txt:)}}    {ralign 12:{txt:(}1.103{txt:)}}    {ralign 12:{txt:(}0.613{txt:)}}    {ralign 12:{txt:(}1.165{txt:)}}   {txt}

{txt}4.country_id{res}       -1.255           2.631***        1.090***        2.617***{txt}
            {res} {ralign 12:{txt:(}1.316{txt:)}}    {ralign 12:{txt:(}0.529{txt:)}}    {ralign 12:{txt:(}0.383{txt:)}}    {ralign 12:{txt:(}0.484{txt:)}}   {txt}

{txt}5.country_id{res}       -1.644**        -0.351          -0.476*         0.0646   {txt}
            {res} {ralign 12:{txt:(}0.829{txt:)}}    {ralign 12:{txt:(}0.284{txt:)}}    {ralign 12:{txt:(}0.275{txt:)}}    {ralign 12:{txt:(}0.269{txt:)}}   {txt}

{txt}6.country_id{res}       -2.132**        -0.457*         -1.791***       -23.93***{txt}
            {res} {ralign 12:{txt:(}0.890{txt:)}}    {ralign 12:{txt:(}0.274{txt:)}}    {ralign 12:{txt:(}0.478{txt:)}}    {ralign 12:{txt:(}1.105{txt:)}}   {txt}

{txt}7.country_id{res}       -2.617***       -0.517          -0.818***        0.608***{txt}
            {res} {ralign 12:{txt:(}0.949{txt:)}}    {ralign 12:{txt:(}0.511{txt:)}}    {ralign 12:{txt:(}0.204{txt:)}}    {ralign 12:{txt:(}0.132{txt:)}}   {txt}

{txt}8.country_id{res}       -5.717**        -1.157          -0.567           1.430***{txt}
            {res} {ralign 12:{txt:(}2.799{txt:)}}    {ralign 12:{txt:(}1.224{txt:)}}    {ralign 12:{txt:(}0.577{txt:)}}    {ralign 12:{txt:(}0.285{txt:)}}   {txt}

{txt}quarter_id  {res}        0.580***        0.850***        0.371**        0.0905   {txt}
            {res} {ralign 12:{txt:(}0.154{txt:)}}    {ralign 12:{txt:(}0.248{txt:)}}    {ralign 12:{txt:(}0.165{txt:)}}    {ralign 12:{txt:(}0.244{txt:)}}   {txt}

{txt}quarter_id~q{res}      -0.0146***      -0.0245***      -0.0108***     -0.00731   {txt}
            {res} {ralign 12:{txt:(}0.00306{txt:)}}    {ralign 12:{txt:(}0.00632{txt:)}}    {ralign 12:{txt:(}0.00379{txt:)}}    {ralign 12:{txt:(}0.00618{txt:)}}   {txt}

{txt}d_unempl_q~r{res}                                       0.0859          -0.227*  {txt}
            {res}                                 {ralign 12:{txt:(}0.149{txt:)}}    {ralign 12:{txt:(}0.120{txt:)}}   {txt}

{txt}l_unempl_q~r{res}                                      -0.0605         -0.0223   {txt}
            {res}                                 {ralign 12:{txt:(}0.0920{txt:)}}    {ralign 12:{txt:(}0.0377{txt:)}}   {txt}

{txt}_cons       {res}        6.865          -4.301**        0.0112          -1.316   {txt}
            {res} {ralign 12:{txt:(}4.433{txt:)}}    {ralign 12:{txt:(}2.040{txt:)}}    {ralign 12:{txt:(}2.004{txt:)}}    {ralign 12:{txt:(}2.419{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}ongoing_ba~t{res}       -6.012***       -4.430***       -5.295***       -4.058***{txt}
            {res} {ralign 12:{txt:(}1.080{txt:)}}    {ralign 12:{txt:(}0.869{txt:)}}    {ralign 12:{txt:(}1.099{txt:)}}    {ralign 12:{txt:(}1.266{txt:)}}   {txt}

{txt}_cons       {res}        4.334***        2.758**         3.792***        1.929   {txt}
            {res} {ralign 12:{txt:(}1.023{txt:)}}    {ralign 12:{txt:(}1.270{txt:)}}    {ralign 12:{txt:(}1.067{txt:)}}    {ralign 12:{txt:(}1.388{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -19.81***       -17.48***       -4.470          -15.20***{txt}
            {res} {ralign 12:{txt:(}0.341{txt:)}}    {ralign 12:{txt:(}0.370{txt:)}}    {ralign 12:{txt:(}5.120{txt:)}}    {ralign 12:{txt:(}0.676{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        365.5           218.7           325.8           181.1   {txt}
{txt}N           {res}          219             219             160             160   {txt}
{txt}N_zero      {res}          149             176              99             123   {txt}
{txt}N_clust     {res}            8               8               8               8   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.12 - Controlling for government (expected and unexpected) turnover
. global xvar "A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate gov_turnover"
{txt}
{com}. global xvar1 "A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate gov_turnover_unexp"
{txt}
{com}. 
. eststo:  zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}14{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-183.6835                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1594843{col 39}{space 2} .0269564{col 50}{space 1}   -5.92{col 59}{space 3}0.000{col 67}{space 4}-.2038236{col 80}{space 3}-.1151449
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0119168{col 39}{space 2} .0088854{col 50}{space 1}    1.34{col 59}{space 3}0.180{col 67}{space 4}-.0026983{col 80}{space 3} .0265319
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0031163{col 39}{space 2} .0079067{col 50}{space 1}   -0.39{col 59}{space 3}0.693{col 67}{space 4}-.0161216{col 80}{space 3}  .009889
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0602894{col 39}{space 2} .0758631{col 50}{space 1}   -0.79{col 59}{space 3}0.427{col 67}{space 4}-.1850732{col 80}{space 3} .0644943
{txt}{space 13}gov_turnover {c |}{col 27}{res}{space 2} .3336139{col 39}{space 2} .2997986{col 50}{space 1}    1.11{col 59}{space 3}0.266{col 67}{space 4}-.1595108{col 80}{space 3} .8267387
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.031257{col 39}{space 2} .1176722{col 50}{space 1}   -8.76{col 59}{space 3}0.000{col 67}{space 4} -1.22481{col 80}{space 3}-.8377032
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.404503{col 39}{space 2} .1104533{col 50}{space 1}   12.72{col 59}{space 3}0.000{col 67}{space 4} 1.222823{col 80}{space 3} 1.586182
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.275813{col 39}{space 2} .2180777{col 50}{space 1}    5.85{col 59}{space 3}0.000{col 67}{space 4} .9171066{col 80}{space 3} 1.634518
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5048834{col 39}{space 2}  .183081{col 50}{space 1}   -2.76{col 59}{space 3}0.006{col 67}{space 4}-.8060249{col 80}{space 3} -.203742
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.347968{col 39}{space 2} .4080991{col 50}{space 1}   -3.30{col 59}{space 3}0.001{col 67}{space 4}-2.019231{col 80}{space 3}-.6767048
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.7527777{col 39}{space 2} .0979757{col 50}{space 1}   -7.68{col 59}{space 3}0.000{col 67}{space 4}-.9139335{col 80}{space 3} -.591622
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3431394{col 39}{space 2} .0726835{col 50}{space 1}   -4.72{col 59}{space 3}0.000{col 67}{space 4}-.4626931{col 80}{space 3}-.2235857
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2061162{col 39}{space 2} .1499236{col 50}{space 1}    1.37{col 59}{space 3}0.169{col 67}{space 4}-.0404862{col 80}{space 3} .4527185
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0072701{col 39}{space 2} .0034247{col 50}{space 1}   -2.12{col 59}{space 3}0.034{col 67}{space 4}-.0129032{col 80}{space 3} -.001637
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 1.130402{col 39}{space 2} 1.691996{col 50}{space 1}    0.67{col 59}{space 3}0.504{col 67}{space 4}-1.652684{col 80}{space 3} 3.913488
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.806184{col 39}{space 2} 1.011762{col 50}{space 1}   -5.74{col 59}{space 3}0.000{col 67}{space 4}-7.470384{col 80}{space 3}-4.141984
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.511337{col 39}{space 2} 1.044746{col 50}{space 1}    4.32{col 59}{space 3}0.000{col 67}{space 4} 2.792884{col 80}{space 3} 6.229791
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-5.047903{col 39}{space 2} 8.796543{col 50}{space 1}   -0.57{col 59}{space 3}0.566{col 67}{space 4}-19.51693{col 80}{space 3} 9.421123
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0064228{col 39}{space 2} .0564983{col 67}{space 4} 3.34e-09{col 80}{space 3} 12346.44
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb financial_conditions $xvar1 i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}14{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-183.2612                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1593845{col 39}{space 2} .0269869{col 50}{space 1}   -5.91{col 59}{space 3}0.000{col 67}{space 4} -.203774{col 80}{space 3}-.1149949
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0088271{col 39}{space 2} .0076761{col 50}{space 1}    1.15{col 59}{space 3}0.250{col 67}{space 4}-.0037989{col 80}{space 3} .0214531
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0014354{col 39}{space 2}  .008653{col 50}{space 1}   -0.17{col 59}{space 3}0.868{col 67}{space 4}-.0156684{col 80}{space 3} .0127976
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0644583{col 39}{space 2}   .07215{col 50}{space 1}   -0.89{col 59}{space 3}0.372{col 67}{space 4}-.1831344{col 80}{space 3} .0542178
{txt}{space 7}gov_turnover_unexp {c |}{col 27}{res}{space 2}  .413178{col 39}{space 2} .2942223{col 50}{space 1}    1.40{col 59}{space 3}0.160{col 67}{space 4}-.0707746{col 80}{space 3} .8971306
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.053438{col 39}{space 2} .1164858{col 50}{space 1}   -9.04{col 59}{space 3}0.000{col 67}{space 4}-1.245041{col 80}{space 3}-.8618364
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.406122{col 39}{space 2} .1013571{col 50}{space 1}   13.87{col 59}{space 3}0.000{col 67}{space 4} 1.239404{col 80}{space 3} 1.572839
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.279537{col 39}{space 2} .2197846{col 50}{space 1}    5.82{col 59}{space 3}0.000{col 67}{space 4}  .918023{col 80}{space 3}  1.64105
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.4944395{col 39}{space 2} .1794861{col 50}{space 1}   -2.75{col 59}{space 3}0.006{col 67}{space 4}-.7896679{col 80}{space 3}-.1992111
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.292071{col 39}{space 2}  .385364{col 50}{space 1}   -3.35{col 59}{space 3}0.001{col 67}{space 4}-1.925938{col 80}{space 3}-.6582035
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.7787629{col 39}{space 2}  .099036{col 50}{space 1}   -7.86{col 59}{space 3}0.000{col 67}{space 4}-.9416625{col 80}{space 3}-.6158632
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3582917{col 39}{space 2}    .0717{col 50}{space 1}   -5.00{col 59}{space 3}0.000{col 67}{space 4}-.4762277{col 80}{space 3}-.2403556
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2105759{col 39}{space 2} .1429099{col 50}{space 1}    1.47{col 59}{space 3}0.141{col 67}{space 4}  -.02449{col 80}{space 3} .4456419
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0073531{col 39}{space 2} .0032712{col 50}{space 1}   -2.25{col 59}{space 3}0.025{col 67}{space 4}-.0127337{col 80}{space 3}-.0019724
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 1.077467{col 39}{space 2} 1.623559{col 50}{space 1}    0.66{col 59}{space 3}0.507{col 67}{space 4} -1.59305{col 80}{space 3} 3.747984
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.833257{col 39}{space 2} 1.020103{col 50}{space 1}   -5.72{col 59}{space 3}0.000{col 67}{space 4}-7.511178{col 80}{space 3}-4.155336
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.512999{col 39}{space 2} 1.041634{col 50}{space 1}    4.33{col 59}{space 3}0.000{col 67}{space 4} 2.799664{col 80}{space 3} 6.226334
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -5.27107{col 39}{space 2} 11.17555{col 50}{space 1}   -0.47{col 59}{space 3}0.637{col 67}{space 4}-23.65321{col 80}{space 3} 13.11107
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0051381{col 39}{space 2} .0574212{col 67}{space 4} 5.34e-11{col 80}{space 3} 494387.2
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. eststo:  zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}14{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-105.0047                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3675216{col 39}{space 2} .0643487{col 50}{space 1}    5.71{col 59}{space 3}0.000{col 67}{space 4} .2616775{col 80}{space 3} .4733657
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0321237{col 39}{space 2} .0294239{col 50}{space 1}    1.09{col 59}{space 3}0.275{col 67}{space 4}-.0162743{col 80}{space 3} .0805216
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0286457{col 39}{space 2} .0282227{col 50}{space 1}    1.01{col 59}{space 3}0.310{col 67}{space 4}-.0177764{col 80}{space 3} .0750679
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0888948{col 39}{space 2} .1330827{col 50}{space 1}    0.67{col 59}{space 3}0.504{col 67}{space 4}-.1300067{col 80}{space 3} .3077964
{txt}{space 13}gov_turnover {c |}{col 27}{res}{space 2}-.2538953{col 39}{space 2} .4264213{col 50}{space 1}   -0.60{col 59}{space 3}0.552{col 67}{space 4}-.9552959{col 80}{space 3} .4475054
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .6755304{col 39}{space 2} .1384569{col 50}{space 1}    4.88{col 59}{space 3}0.000{col 67}{space 4}  .447789{col 80}{space 3} .9032718
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-18.98312{col 39}{space 2} 1.105211{col 50}{space 1}  -17.18{col 59}{space 3}0.000{col 67}{space 4}-20.80103{col 80}{space 3}-17.16521
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.252406{col 39}{space 2} .9900327{col 50}{space 1}    3.29{col 59}{space 3}0.001{col 67}{space 4} 1.623947{col 80}{space 3} 4.880865
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1733521{col 39}{space 2} .1972676{col 50}{space 1}    0.88{col 59}{space 3}0.380{col 67}{space 4}-.1511243{col 80}{space 3} .4978285
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0243469{col 39}{space 2} .2649501{col 50}{space 1}   -0.09{col 59}{space 3}0.927{col 67}{space 4}-.4601511{col 80}{space 3} .4114573
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5594522{col 39}{space 2} .1521564{col 50}{space 1}    3.68{col 59}{space 3}0.000{col 67}{space 4} .3091773{col 80}{space 3} .8097272
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.576419{col 39}{space 2} .2050868{col 50}{space 1}    7.69{col 59}{space 3}0.000{col 67}{space 4} 1.239081{col 80}{space 3} 1.913757
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5829147{col 39}{space 2} .2323419{col 50}{space 1}    2.51{col 59}{space 3}0.012{col 67}{space 4} .2007463{col 80}{space 3} .9650831
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0189905{col 39}{space 2} .0065869{col 50}{space 1}   -2.88{col 59}{space 3}0.004{col 67}{space 4}-.0298249{col 80}{space 3}-.0081561
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.846837{col 39}{space 2} 2.131057{col 50}{space 1}   -3.21{col 59}{space 3}0.001{col 67}{space 4}-10.35211{col 80}{space 3} -3.34156
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.654167{col 39}{space 2} .9023429{col 50}{space 1}   -5.16{col 59}{space 3}0.000{col 67}{space 4}-6.138389{col 80}{space 3}-3.169944
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.957998{col 39}{space 2} 1.256233{col 50}{space 1}    2.35{col 59}{space 3}0.019{col 67}{space 4} .8916792{col 80}{space 3} 5.024318
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-14.37911{col 39}{space 2} 1.513865{col 50}{space 1}   -9.50{col 59}{space 3}0.000{col 67}{space 4} -16.8692{col 80}{space 3}-11.88903
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 5.69e-07{col 39}{space 2} 8.62e-07{col 67}{space 4} 4.72e-08{col 80}{space 3} 6.87e-06
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est3{txt} stored)

{com}. eststo:  zinb pub_labour_conditions $xvar1 i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}14{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-105.1577                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3778118{col 39}{space 2} .0656301{col 50}{space 1}    5.76{col 59}{space 3}0.000{col 67}{space 4} .2698599{col 80}{space 3} .4857637
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0319557{col 39}{space 2} .0296947{col 50}{space 1}    1.08{col 59}{space 3}0.282{col 67}{space 4}-.0168878{col 80}{space 3} .0807992
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0309742{col 39}{space 2} .0271715{col 50}{space 1}    1.14{col 59}{space 3}0.254{col 67}{space 4}-.0137189{col 80}{space 3} .0756674
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0805956{col 39}{space 2}  .138918{col 50}{space 1}    0.58{col 59}{space 3}0.562{col 67}{space 4}-.1479041{col 80}{space 3} .3090953
{txt}{space 7}gov_turnover_unexp {c |}{col 27}{res}{space 2}-.0547972{col 39}{space 2} .4800067{col 50}{space 1}   -0.11{col 59}{space 3}0.909{col 67}{space 4} -.844338{col 80}{space 3} .7347436
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .6994931{col 39}{space 2} .1441278{col 50}{space 1}    4.85{col 59}{space 3}0.000{col 67}{space 4}  .462424{col 80}{space 3} .9365622
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-19.31645{col 39}{space 2}  1.12115{col 50}{space 1}  -17.23{col 59}{space 3}0.000{col 67}{space 4}-21.16057{col 80}{space 3}-17.47232
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.252425{col 39}{space 2} 1.042277{col 50}{space 1}    3.12{col 59}{space 3}0.002{col 67}{space 4} 1.538032{col 80}{space 3} 4.966818
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1854206{col 39}{space 2} .1999621{col 50}{space 1}    0.93{col 59}{space 3}0.354{col 67}{space 4}-.1434877{col 80}{space 3}  .514329
{txt}{space 23}6  {c |}{col 27}{res}{space 2} -.014254{col 39}{space 2} .2338388{col 50}{space 1}   -0.06{col 59}{space 3}0.951{col 67}{space 4}-.3988846{col 80}{space 3} .3703766
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5899575{col 39}{space 2} .1771103{col 50}{space 1}    3.33{col 59}{space 3}0.001{col 67}{space 4}  .298637{col 80}{space 3} .8812779
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.588755{col 39}{space 2} .2045858{col 50}{space 1}    7.77{col 59}{space 3}0.000{col 67}{space 4} 1.252242{col 80}{space 3} 1.925269
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2}  .575943{col 39}{space 2} .2294821{col 50}{space 1}    2.51{col 59}{space 3}0.012{col 67}{space 4} .1984786{col 80}{space 3} .9534074
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0188501{col 39}{space 2} .0066183{col 50}{space 1}   -2.85{col 59}{space 3}0.004{col 67}{space 4}-.0297362{col 80}{space 3}-.0079639
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.867103{col 39}{space 2} 2.076037{col 50}{space 1}   -3.31{col 59}{space 3}0.001{col 67}{space 4}-10.28188{col 80}{space 3}-3.452326
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.679168{col 39}{space 2} .9111663{col 50}{space 1}   -5.14{col 59}{space 3}0.000{col 67}{space 4}-6.177903{col 80}{space 3}-3.180433
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.954686{col 39}{space 2} 1.262627{col 50}{space 1}    2.34{col 59}{space 3}0.019{col 67}{space 4}   .87785{col 80}{space 3} 5.031523
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-14.61592{col 39}{space 2} 2.019867{col 50}{space 1}   -7.24{col 59}{space 3}0.000{col 67}{space 4}-17.93831{col 80}{space 3}-11.29354
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 4.49e-07{col 39}{space 2} 9.07e-07{col 67}{space 4} 1.62e-08{col 80}{space 3} .0000125
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est4{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    financial_~s    pub_labour~s    pub_labour~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}A_governme~p{res}       -0.159***       -0.159***        0.368***        0.378***{txt}
            {res} {ralign 12:{txt:(}0.0270{txt:)}}    {ralign 12:{txt:(}0.0270{txt:)}}    {ralign 12:{txt:(}0.0643{txt:)}}    {ralign 12:{txt:(}0.0656{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0119         0.00883          0.0321          0.0320   {txt}
            {res} {ralign 12:{txt:(}0.00889{txt:)}}    {ralign 12:{txt:(}0.00768{txt:)}}    {ralign 12:{txt:(}0.0294{txt:)}}    {ralign 12:{txt:(}0.0297{txt:)}}   {txt}

{txt}M_bop       {res}     -0.00312        -0.00144          0.0286          0.0310   {txt}
            {res} {ralign 12:{txt:(}0.00791{txt:)}}    {ralign 12:{txt:(}0.00865{txt:)}}    {ralign 12:{txt:(}0.0282{txt:)}}    {ralign 12:{txt:(}0.0272{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0603         -0.0645          0.0889          0.0806   {txt}
            {res} {ralign 12:{txt:(}0.0759{txt:)}}    {ralign 12:{txt:(}0.0721{txt:)}}    {ralign 12:{txt:(}0.133{txt:)}}    {ralign 12:{txt:(}0.139{txt:)}}   {txt}

{txt}gov_turnover{res}        0.334                          -0.254                   {txt}
            {res} {ralign 12:{txt:(}0.300{txt:)}}                    {ralign 12:{txt:(}0.426{txt:)}}                   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.031***       -1.053***        0.676***        0.699***{txt}
            {res} {ralign 12:{txt:(}0.118{txt:)}}    {ralign 12:{txt:(}0.116{txt:)}}    {ralign 12:{txt:(}0.138{txt:)}}    {ralign 12:{txt:(}0.144{txt:)}}   {txt}

{txt}3.country_id{res}        1.405***        1.406***       -18.98***       -19.32***{txt}
            {res} {ralign 12:{txt:(}0.110{txt:)}}    {ralign 12:{txt:(}0.101{txt:)}}    {ralign 12:{txt:(}1.105{txt:)}}    {ralign 12:{txt:(}1.121{txt:)}}   {txt}

{txt}4.country_id{res}        1.276***        1.280***        3.252***        3.252***{txt}
            {res} {ralign 12:{txt:(}0.218{txt:)}}    {ralign 12:{txt:(}0.220{txt:)}}    {ralign 12:{txt:(}0.990{txt:)}}    {ralign 12:{txt:(}1.042{txt:)}}   {txt}

{txt}5.country_id{res}       -0.505***       -0.494***        0.173           0.185   {txt}
            {res} {ralign 12:{txt:(}0.183{txt:)}}    {ralign 12:{txt:(}0.179{txt:)}}    {ralign 12:{txt:(}0.197{txt:)}}    {ralign 12:{txt:(}0.200{txt:)}}   {txt}

{txt}6.country_id{res}       -1.348***       -1.292***      -0.0243         -0.0143   {txt}
            {res} {ralign 12:{txt:(}0.408{txt:)}}    {ralign 12:{txt:(}0.385{txt:)}}    {ralign 12:{txt:(}0.265{txt:)}}    {ralign 12:{txt:(}0.234{txt:)}}   {txt}

{txt}7.country_id{res}       -0.753***       -0.779***        0.559***        0.590***{txt}
            {res} {ralign 12:{txt:(}0.0980{txt:)}}    {ralign 12:{txt:(}0.0990{txt:)}}    {ralign 12:{txt:(}0.152{txt:)}}    {ralign 12:{txt:(}0.177{txt:)}}   {txt}

{txt}8.country_id{res}       -0.343***       -0.358***        1.576***        1.589***{txt}
            {res} {ralign 12:{txt:(}0.0727{txt:)}}    {ralign 12:{txt:(}0.0717{txt:)}}    {ralign 12:{txt:(}0.205{txt:)}}    {ralign 12:{txt:(}0.205{txt:)}}   {txt}

{txt}quarter_id  {res}        0.206           0.211           0.583**         0.576** {txt}
            {res} {ralign 12:{txt:(}0.150{txt:)}}    {ralign 12:{txt:(}0.143{txt:)}}    {ralign 12:{txt:(}0.232{txt:)}}    {ralign 12:{txt:(}0.229{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00727**      -0.00735**       -0.0190***      -0.0189***{txt}
            {res} {ralign 12:{txt:(}0.00342{txt:)}}    {ralign 12:{txt:(}0.00327{txt:)}}    {ralign 12:{txt:(}0.00659{txt:)}}    {ralign 12:{txt:(}0.00662{txt:)}}   {txt}

{txt}gov_turnov~p{res}                        0.413                         -0.0548   {txt}
            {res}                 {ralign 12:{txt:(}0.294{txt:)}}                    {ralign 12:{txt:(}0.480{txt:)}}   {txt}

{txt}_cons       {res}        1.130           1.077          -6.847***       -6.867***{txt}
            {res} {ralign 12:{txt:(}1.692{txt:)}}    {ralign 12:{txt:(}1.624{txt:)}}    {ralign 12:{txt:(}2.131{txt:)}}    {ralign 12:{txt:(}2.076{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}ongoing_ba~t{res}       -5.806***       -5.833***       -4.654***       -4.679***{txt}
            {res} {ralign 12:{txt:(}1.012{txt:)}}    {ralign 12:{txt:(}1.020{txt:)}}    {ralign 12:{txt:(}0.902{txt:)}}    {ralign 12:{txt:(}0.911{txt:)}}   {txt}

{txt}_cons       {res}        4.511***        4.513***        2.958**         2.955** {txt}
            {res} {ralign 12:{txt:(}1.045{txt:)}}    {ralign 12:{txt:(}1.042{txt:)}}    {ralign 12:{txt:(}1.256{txt:)}}    {ralign 12:{txt:(}1.263{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -5.048          -5.271          -14.38***       -14.62***{txt}
            {res} {ralign 12:{txt:(}8.797{txt:)}}    {ralign 12:{txt:(}11.18{txt:)}}    {ralign 12:{txt:(}1.514{txt:)}}    {ralign 12:{txt:(}2.020{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        381.4           380.5           226.0           226.3   {txt}
{txt}N           {res}          224             224             224             224   {txt}
{txt}N_zero      {res}          154             154             181             181   {txt}
{txt}N_clust     {res}            8               8               8               8   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.13 - Errors clustered around cabinets
. global xvar "A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate"
{txt}
{com}. 
. eststo m1:  zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(cabinet) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-298.90516}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-247.92902}  
Iteration 2:{space 3}log pseudolikelihood = {res:-225.90838}  
Iteration 3:{space 3}log pseudolikelihood = {res:-216.62187}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-215.52507}  
Iteration 5:{space 3}log pseudolikelihood = {res:-214.99328}  
Iteration 6:{space 3}log pseudolikelihood = {res:-214.98828}  
Iteration 7:{space 3}log pseudolikelihood = {res:-214.98828}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-214.98828}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -202.7783}  
Iteration 2:{space 3}log pseudolikelihood = {res:-194.95298}  
Iteration 3:{space 3}log pseudolikelihood = {res:-185.26088}  
Iteration 4:{space 3}log pseudolikelihood = {res: -184.6071}  
Iteration 5:{space 3}log pseudolikelihood = {res:-184.56988}  
Iteration 6:{space 3}log pseudolikelihood = {res:-184.56804}  
Iteration 7:{space 3}log pseudolikelihood = {res:-184.56803}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res} -184.568                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:7} clusters in cabinet)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1560646{col 39}{space 2}  .068903{col 50}{space 1}   -2.26{col 59}{space 3}0.024{col 67}{space 4}-.2911121{col 80}{space 3}-.0210172
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .012937{col 39}{space 2}  .010957{col 50}{space 1}    1.18{col 59}{space 3}0.238{col 67}{space 4}-.0085383{col 80}{space 3} .0344123
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0026449{col 39}{space 2} .0115864{col 50}{space 1}   -0.23{col 59}{space 3}0.819{col 67}{space 4}-.0253538{col 80}{space 3} .0200639
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} -.051074{col 39}{space 2} .0317559{col 50}{space 1}   -1.61{col 59}{space 3}0.108{col 67}{space 4}-.1133144{col 80}{space 3} .0111664
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.043017{col 39}{space 2} .3759804{col 50}{space 1}   -2.77{col 59}{space 3}0.006{col 67}{space 4}-1.779925{col 80}{space 3}-.3061086
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.350052{col 39}{space 2} .1892185{col 50}{space 1}    7.13{col 59}{space 3}0.000{col 67}{space 4} .9791901{col 80}{space 3} 1.720913
{txt}{space 23}4  {c |}{col 27}{res}{space 2}  1.26119{col 39}{space 2} .2399052{col 50}{space 1}    5.26{col 59}{space 3}0.000{col 67}{space 4} .7909841{col 80}{space 3} 1.731395
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.5633049{col 39}{space 2} .2464772{col 50}{space 1}   -2.29{col 59}{space 3}0.022{col 67}{space 4}-1.046391{col 80}{space 3}-.0802185
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.259015{col 39}{space 2} .6233734{col 50}{space 1}   -2.02{col 59}{space 3}0.043{col 67}{space 4}-2.480805{col 80}{space 3}-.0372261
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6938657{col 39}{space 2} .1019292{col 50}{space 1}   -6.81{col 59}{space 3}0.000{col 67}{space 4}-.8936432{col 80}{space 3}-.4940882
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3221285{col 39}{space 2} .0483729{col 50}{space 1}   -6.66{col 59}{space 3}0.000{col 67}{space 4}-.4169377{col 80}{space 3}-.2273193
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2254497{col 39}{space 2} .1922917{col 50}{space 1}    1.17{col 59}{space 3}0.241{col 67}{space 4}-.1514351{col 80}{space 3} .6023344
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0077878{col 39}{space 2} .0042155{col 50}{space 1}   -1.85{col 59}{space 3}0.065{col 67}{space 4}  -.01605{col 80}{space 3} .0004744
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .9843598{col 39}{space 2} 2.389137{col 50}{space 1}    0.41{col 59}{space 3}0.680{col 67}{space 4}-3.698264{col 80}{space 3} 5.666983
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.797721{col 39}{space 2} 1.082898{col 50}{space 1}   -5.35{col 59}{space 3}0.000{col 67}{space 4}-7.920161{col 80}{space 3} -3.67528
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.511058{col 39}{space 2} 1.129409{col 50}{space 1}    3.99{col 59}{space 3}0.000{col 67}{space 4} 2.297456{col 80}{space 3}  6.72466
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-3.927664{col 39}{space 2} 2.312918{col 50}{space 1}   -1.70{col 59}{space 3}0.089{col 67}{space 4}-8.460899{col 80}{space 3} .6055714
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0196896{col 39}{space 2} .0455405{col 67}{space 4} .0002116{col 80}{space 3} 1.832299
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(cabinet) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res: -169.1594}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -148.7821}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res: -133.8916}  
Iteration 3:{space 3}log pseudolikelihood = {res:-131.41619}  
Iteration 4:{space 3}log pseudolikelihood = {res:-131.30298}  
Iteration 5:{space 3}log pseudolikelihood = {res:-131.14943}  
Iteration 6:{space 3}log pseudolikelihood = {res:-131.14124}  
Iteration 7:{space 3}log pseudolikelihood = {res:-131.11145}  
Iteration 8:{space 3}log pseudolikelihood = {res:-131.10608}  
Iteration 9:{space 3}log pseudolikelihood = {res:-131.10319}  
Iteration 10:{space 2}log pseudolikelihood = {res:-131.10236}  
Iteration 11:{space 2}log pseudolikelihood = {res:-131.10211}  
Iteration 12:{space 2}log pseudolikelihood = {res:-131.10206}  
Iteration 13:{space 2}log pseudolikelihood = {res:-131.10205}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-131.10205}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -116.9782}  
Iteration 2:{space 3}log pseudolikelihood = {res:-107.89232}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-106.76231}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-106.18285}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-106.03926}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-106.02771}  
Iteration 7:{space 3}log pseudolikelihood = {res:-105.96204}  
Iteration 8:{space 3}log pseudolikelihood = {res:-105.68563}  
Iteration 9:{space 3}log pseudolikelihood = {res:-105.32559}  
Iteration 10:{space 2}log pseudolikelihood = {res:-105.21098}  
Iteration 11:{space 2}log pseudolikelihood = {res:-105.17665}  
Iteration 12:{space 2}log pseudolikelihood = {res:-105.16709}  
Iteration 13:{space 2}log pseudolikelihood = {res:-105.16509}  
Iteration 14:{space 2}log pseudolikelihood = {res:-105.16487}  
Iteration 15:{space 2}log pseudolikelihood = {res:-105.16482}  
Iteration 16:{space 2}log pseudolikelihood = {res:-105.16481}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-105.1648                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:7} clusters in cabinet)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3785008{col 39}{space 2} .0196292{col 50}{space 1}   19.28{col 59}{space 3}0.000{col 67}{space 4} .3400282{col 80}{space 3} .4169733
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0315459{col 39}{space 2} .0215389{col 50}{space 1}    1.46{col 59}{space 3}0.143{col 67}{space 4}-.0106695{col 80}{space 3} .0737614
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0313049{col 39}{space 2} .0243909{col 50}{space 1}    1.28{col 59}{space 3}0.199{col 67}{space 4}-.0165003{col 80}{space 3} .0791102
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .078334{col 39}{space 2} .0231673{col 50}{space 1}    3.38{col 59}{space 3}0.001{col 67}{space 4} .0329268{col 80}{space 3} .1237411
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .7079405{col 39}{space 2}  .292181{col 50}{space 1}    2.42{col 59}{space 3}0.015{col 67}{space 4} .1352764{col 80}{space 3} 1.280605
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-17.47444{col 39}{space 2} .7426256{col 50}{space 1}  -23.53{col 59}{space 3}0.000{col 67}{space 4}-18.92996{col 80}{space 3}-16.01892
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.270483{col 39}{space 2} .3576106{col 50}{space 1}    9.15{col 59}{space 3}0.000{col 67}{space 4}  2.56958{col 80}{space 3} 3.971387
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .1933378{col 39}{space 2} .3179442{col 50}{space 1}    0.61{col 59}{space 3}0.543{col 67}{space 4}-.4298214{col 80}{space 3}  .816497
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.0092083{col 39}{space 2} .9971764{col 50}{space 1}   -0.01{col 59}{space 3}0.993{col 67}{space 4}-1.963638{col 80}{space 3} 1.945221
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .5990991{col 39}{space 2} .1598752{col 50}{space 1}    3.75{col 59}{space 3}0.000{col 67}{space 4} .2857494{col 80}{space 3} .9124488
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.589524{col 39}{space 2} .4042158{col 50}{space 1}    3.93{col 59}{space 3}0.000{col 67}{space 4} .7972751{col 80}{space 3} 2.381772
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5761352{col 39}{space 2} .1701347{col 50}{space 1}    3.39{col 59}{space 3}0.001{col 67}{space 4} .2426774{col 80}{space 3}  .909593
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0188708{col 39}{space 2} .0050031{col 50}{space 1}   -3.77{col 59}{space 3}0.000{col 67}{space 4}-.0286767{col 80}{space 3}-.0090648
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.877298{col 39}{space 2} 1.179384{col 50}{space 1}   -5.83{col 59}{space 3}0.000{col 67}{space 4}-9.188849{col 80}{space 3}-4.565747
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.685637{col 39}{space 2} 1.762417{col 50}{space 1}   -2.66{col 59}{space 3}0.008{col 67}{space 4}-8.139911{col 80}{space 3}-1.231364
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.954458{col 39}{space 2} 1.069395{col 50}{space 1}    2.76{col 59}{space 3}0.006{col 67}{space 4} .8584815{col 80}{space 3} 5.050434
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-13.56757{col 39}{space 2} 2.045444{col 50}{space 1}   -6.63{col 59}{space 3}0.000{col 67}{space 4}-17.57656{col 80}{space 3}-9.558571
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.28e-06{col 39}{space 2} 2.62e-06{col 67}{space 4} 2.33e-08{col 80}{space 3} .0000706
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m3:  zinb nonpub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(cabinet)

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-255.03919}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-215.43839}  
Iteration 2:{space 3}log pseudolikelihood = {res:-196.19355}  
Iteration 3:{space 3}log pseudolikelihood = {res:-192.45166}  
Iteration 4:{space 3}log pseudolikelihood = {res:-191.51678}  
Iteration 5:{space 3}log pseudolikelihood = {res:-191.03647}  
Iteration 6:{space 3}log pseudolikelihood = {res:-190.95984}  
Iteration 7:{space 3}log pseudolikelihood = {res:-190.94575}  
Iteration 8:{space 3}log pseudolikelihood = {res:-190.94137}  
Iteration 9:{space 3}log pseudolikelihood = {res:-190.94022}  
Iteration 10:{space 2}log pseudolikelihood = {res:-190.93994}  
Iteration 11:{space 2}log pseudolikelihood = {res:-190.93989}  
Iteration 12:{space 2}log pseudolikelihood = {res:-190.93988}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-190.93988}  
Iteration 1:{space 3}log pseudolikelihood = {res:-183.16246}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-173.76902}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-172.38821}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-172.07523}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-171.89941}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-170.75794}  
Iteration 7:{space 3}log pseudolikelihood = {res:-168.51113}  
Iteration 8:{space 3}log pseudolikelihood = {res:-168.34382}  
Iteration 9:{space 3}log pseudolikelihood = {res:-168.34309}  
Iteration 10:{space 2}log pseudolikelihood = {res:-168.34299}  
Iteration 11:{space 2}log pseudolikelihood = {res:-168.34297}  
Iteration 12:{space 2}log pseudolikelihood = {res:-168.34297}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       58
                                                  {txt}Zero obs        =  {res}      166

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res} -168.343                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:7} clusters in cabinet)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1} nonpub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}nonpub_labour_conditions  {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1195815{col 39}{space 2} .0650209{col 50}{space 1}   -1.84{col 59}{space 3}0.066{col 67}{space 4}-.2470201{col 80}{space 3} .0078571
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0354302{col 39}{space 2}  .018151{col 50}{space 1}    1.95{col 59}{space 3}0.051{col 67}{space 4}-.0001451{col 80}{space 3} .0710056
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0120391{col 39}{space 2} .0116563{col 50}{space 1}   -1.03{col 59}{space 3}0.302{col 67}{space 4} -.034885{col 80}{space 3} .0108068
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1349862{col 39}{space 2} .0852565{col 50}{space 1}    1.58{col 59}{space 3}0.113{col 67}{space 4}-.0321135{col 80}{space 3} .3020858
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .9339249{col 39}{space 2} .1267352{col 50}{space 1}    7.37{col 59}{space 3}0.000{col 67}{space 4} .6855284{col 80}{space 3} 1.182321
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-15.19457{col 39}{space 2} .7617484{col 50}{space 1}  -19.95{col 59}{space 3}0.000{col 67}{space 4}-16.68756{col 80}{space 3}-13.70157
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.577949{col 39}{space 2} .3292024{col 50}{space 1}    4.79{col 59}{space 3}0.000{col 67}{space 4} .9327237{col 80}{space 3} 2.223174
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .0112905{col 39}{space 2}  .114818{col 50}{space 1}    0.10{col 59}{space 3}0.922{col 67}{space 4}-.2137487{col 80}{space 3} .2363296
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.5764265{col 39}{space 2} .5385536{col 50}{space 1}   -1.07{col 59}{space 3}0.284{col 67}{space 4}-1.631972{col 80}{space 3} .4791192
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .4271654{col 39}{space 2} .0960511{col 50}{space 1}    4.45{col 59}{space 3}0.000{col 67}{space 4} .2389087{col 80}{space 3} .6154221
{txt}{space 23}8  {c |}{col 27}{res}{space 2} .4578895{col 39}{space 2} .1139914{col 50}{space 1}    4.02{col 59}{space 3}0.000{col 67}{space 4} .2344706{col 80}{space 3} .6813085
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .3554817{col 39}{space 2} .1333814{col 50}{space 1}    2.67{col 59}{space 3}0.008{col 67}{space 4} .0940589{col 80}{space 3} .6169045
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0105989{col 39}{space 2} .0037127{col 50}{space 1}   -2.85{col 59}{space 3}0.004{col 67}{space 4}-.0178757{col 80}{space 3}-.0033221
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-1.746589{col 39}{space 2}  1.48044{col 50}{space 1}   -1.18{col 59}{space 3}0.238{col 67}{space 4}-4.648198{col 80}{space 3} 1.155021
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.585561{col 39}{space 2} 1.132862{col 50}{space 1}   -4.05{col 59}{space 3}0.000{col 67}{space 4} -6.80593{col 80}{space 3}-2.365191
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 3.307848{col 39}{space 2} 1.086419{col 50}{space 1}    3.04{col 59}{space 3}0.002{col 67}{space 4} 1.178506{col 80}{space 3}  5.43719
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-1.217205{col 39}{space 2} .6583452{col 50}{space 1}   -1.85{col 59}{space 3}0.064{col 67}{space 4}-2.507538{col 80}{space 3} .0731281
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .2960566{col 39}{space 2} .1949074{col 67}{space 4} .0814686{col 80}{space 3} 1.075868
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m4:  zinb sum_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(cabinet) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-560.85463}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-460.39199}  
Iteration 2:{space 3}log pseudolikelihood = {res:-442.06889}  
Iteration 3:{space 3}log pseudolikelihood = {res:-439.47705}  
Iteration 4:{space 3}log pseudolikelihood = {res:-439.32452}  
Iteration 5:{space 3}log pseudolikelihood = {res:-439.28438}  
Iteration 6:{space 3}log pseudolikelihood = {res:-439.27353}  
Iteration 7:{space 3}log pseudolikelihood = {res:-439.26968}  
Iteration 8:{space 3}log pseudolikelihood = {res:-439.26868}  
Iteration 9:{space 3}log pseudolikelihood = {res:-439.26847}  
Iteration 10:{space 2}log pseudolikelihood = {res:-439.26843}  
Iteration 11:{space 2}log pseudolikelihood = {res:-439.26842}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-439.26842}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-428.02848}  
Iteration 2:{space 3}log pseudolikelihood = {res: -412.7785}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-405.66261}  
Iteration 4:{space 3}log pseudolikelihood = {res:-401.39579}  
Iteration 5:{space 3}log pseudolikelihood = {res:-396.65288}  
Iteration 6:{space 3}log pseudolikelihood = {res:-396.60621}  
Iteration 7:{space 3}log pseudolikelihood = {res:-396.60619}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       98
                                                  {txt}Zero obs        =  {res}      126

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-396.6062                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:7} clusters in cabinet)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           sum_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}sum_conditions            {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.2803583{col 39}{space 2} .0620686{col 50}{space 1}   -4.52{col 59}{space 3}0.000{col 67}{space 4}-.4020105{col 80}{space 3}-.1587061
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0194503{col 39}{space 2} .0066319{col 50}{space 1}    2.93{col 59}{space 3}0.003{col 67}{space 4}  .006452{col 80}{space 3} .0324486
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0325219{col 39}{space 2} .0067675{col 50}{space 1}   -4.81{col 59}{space 3}0.000{col 67}{space 4} -.045786{col 80}{space 3}-.0192578
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}  .132356{col 39}{space 2} .0295807{col 50}{space 1}    4.47{col 59}{space 3}0.000{col 67}{space 4} .0743788{col 80}{space 3} .1903332
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}  .934645{col 39}{space 2} .1809532{col 50}{space 1}    5.17{col 59}{space 3}0.000{col 67}{space 4} .5799833{col 80}{space 3} 1.289307
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .6443529{col 39}{space 2} .0999664{col 50}{space 1}    6.45{col 59}{space 3}0.000{col 67}{space 4} .4484223{col 80}{space 3} .8402835
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.319955{col 39}{space 2} .1716305{col 50}{space 1}   13.52{col 59}{space 3}0.000{col 67}{space 4} 1.983566{col 80}{space 3} 2.656345
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .7024594{col 39}{space 2} .1317379{col 50}{space 1}    5.33{col 59}{space 3}0.000{col 67}{space 4}  .444258{col 80}{space 3} .9606609
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.6848967{col 39}{space 2} .5439082{col 50}{space 1}   -1.26{col 59}{space 3}0.208{col 67}{space 4}-1.750937{col 80}{space 3} .3811438
{txt}{space 23}7  {c |}{col 27}{res}{space 2} 1.011837{col 39}{space 2} .0268279{col 50}{space 1}   37.72{col 59}{space 3}0.000{col 67}{space 4} .9592549{col 80}{space 3} 1.064418
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.463779{col 39}{space 2} .1324384{col 50}{space 1}   11.05{col 59}{space 3}0.000{col 67}{space 4} 1.204205{col 80}{space 3} 1.723354
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4616391{col 39}{space 2} .1220411{col 50}{space 1}    3.78{col 59}{space 3}0.000{col 67}{space 4}  .222443{col 80}{space 3} .7008352
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0136418{col 39}{space 2} .0026723{col 50}{space 1}   -5.10{col 59}{space 3}0.000{col 67}{space 4}-.0188793{col 80}{space 3}-.0084042
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .0484001{col 39}{space 2} 1.537869{col 50}{space 1}    0.03{col 59}{space 3}0.975{col 67}{space 4}-2.965768{col 80}{space 3} 3.062568
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.838059{col 39}{space 2} .7925113{col 50}{space 1}   -6.10{col 59}{space 3}0.000{col 67}{space 4}-6.391353{col 80}{space 3}-3.284765
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.583186{col 39}{space 2} 1.026411{col 50}{space 1}    2.52{col 59}{space 3}0.012{col 67}{space 4} .5714575{col 80}{space 3} 4.594914
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-.6856992{col 39}{space 2} .1061948{col 50}{space 1}   -6.46{col 59}{space 3}0.000{col 67}{space 4}-.8938371{col 80}{space 3}-.4775613
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .5037379{col 39}{space 2} .0534943{col 67}{space 4} .4090831{col 80}{space 3} .6202943
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 m3 m4, star(* 0.1 ** 0.05 *** 0.01)  se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    pub_labour~s    nonpub_lab~s    sum_condit~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}A_governme~p{res}       -0.156**         0.379***       -0.120*         -0.280***{txt}
            {res} {ralign 12:{txt:(}0.0689{txt:)}}    {ralign 12:{txt:(}0.0196{txt:)}}    {ralign 12:{txt:(}0.0650{txt:)}}    {ralign 12:{txt:(}0.0621{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0129          0.0315          0.0354*         0.0195***{txt}
            {res} {ralign 12:{txt:(}0.0110{txt:)}}    {ralign 12:{txt:(}0.0215{txt:)}}    {ralign 12:{txt:(}0.0182{txt:)}}    {ralign 12:{txt:(}0.00663{txt:)}}   {txt}

{txt}M_bop       {res}     -0.00264          0.0313         -0.0120         -0.0325***{txt}
            {res} {ralign 12:{txt:(}0.0116{txt:)}}    {ralign 12:{txt:(}0.0244{txt:)}}    {ralign 12:{txt:(}0.0117{txt:)}}    {ralign 12:{txt:(}0.00677{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0511          0.0783***        0.135           0.132***{txt}
            {res} {ralign 12:{txt:(}0.0318{txt:)}}    {ralign 12:{txt:(}0.0232{txt:)}}    {ralign 12:{txt:(}0.0853{txt:)}}    {ralign 12:{txt:(}0.0296{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.043***        0.708**         0.934***        0.935***{txt}
            {res} {ralign 12:{txt:(}0.376{txt:)}}    {ralign 12:{txt:(}0.292{txt:)}}    {ralign 12:{txt:(}0.127{txt:)}}    {ralign 12:{txt:(}0.181{txt:)}}   {txt}

{txt}3.country_id{res}        1.350***       -17.47***       -15.19***        0.644***{txt}
            {res} {ralign 12:{txt:(}0.189{txt:)}}    {ralign 12:{txt:(}0.743{txt:)}}    {ralign 12:{txt:(}0.762{txt:)}}    {ralign 12:{txt:(}0.1000{txt:)}}   {txt}

{txt}4.country_id{res}        1.261***        3.270***        1.578***        2.320***{txt}
            {res} {ralign 12:{txt:(}0.240{txt:)}}    {ralign 12:{txt:(}0.358{txt:)}}    {ralign 12:{txt:(}0.329{txt:)}}    {ralign 12:{txt:(}0.172{txt:)}}   {txt}

{txt}5.country_id{res}       -0.563**         0.193          0.0113           0.702***{txt}
            {res} {ralign 12:{txt:(}0.246{txt:)}}    {ralign 12:{txt:(}0.318{txt:)}}    {ralign 12:{txt:(}0.115{txt:)}}    {ralign 12:{txt:(}0.132{txt:)}}   {txt}

{txt}6.country_id{res}       -1.259**      -0.00921          -0.576          -0.685   {txt}
            {res} {ralign 12:{txt:(}0.623{txt:)}}    {ralign 12:{txt:(}0.997{txt:)}}    {ralign 12:{txt:(}0.539{txt:)}}    {ralign 12:{txt:(}0.544{txt:)}}   {txt}

{txt}7.country_id{res}       -0.694***        0.599***        0.427***        1.012***{txt}
            {res} {ralign 12:{txt:(}0.102{txt:)}}    {ralign 12:{txt:(}0.160{txt:)}}    {ralign 12:{txt:(}0.0961{txt:)}}    {ralign 12:{txt:(}0.0268{txt:)}}   {txt}

{txt}8.country_id{res}       -0.322***        1.590***        0.458***        1.464***{txt}
            {res} {ralign 12:{txt:(}0.0484{txt:)}}    {ralign 12:{txt:(}0.404{txt:)}}    {ralign 12:{txt:(}0.114{txt:)}}    {ralign 12:{txt:(}0.132{txt:)}}   {txt}

{txt}quarter_id  {res}        0.225           0.576***        0.355***        0.462***{txt}
            {res} {ralign 12:{txt:(}0.192{txt:)}}    {ralign 12:{txt:(}0.170{txt:)}}    {ralign 12:{txt:(}0.133{txt:)}}    {ralign 12:{txt:(}0.122{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00779*        -0.0189***      -0.0106***      -0.0136***{txt}
            {res} {ralign 12:{txt:(}0.00422{txt:)}}    {ralign 12:{txt:(}0.00500{txt:)}}    {ralign 12:{txt:(}0.00371{txt:)}}    {ralign 12:{txt:(}0.00267{txt:)}}   {txt}

{txt}_cons       {res}        0.984          -6.877***       -1.747          0.0484   {txt}
            {res} {ralign 12:{txt:(}2.389{txt:)}}    {ralign 12:{txt:(}1.179{txt:)}}    {ralign 12:{txt:(}1.480{txt:)}}    {ralign 12:{txt:(}1.538{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}ongoing_ba~t{res}       -5.798***       -4.686***       -4.586***       -4.838***{txt}
            {res} {ralign 12:{txt:(}1.083{txt:)}}    {ralign 12:{txt:(}1.762{txt:)}}    {ralign 12:{txt:(}1.133{txt:)}}    {ralign 12:{txt:(}0.793{txt:)}}   {txt}

{txt}_cons       {res}        4.511***        2.954***        3.308***        2.583** {txt}
            {res} {ralign 12:{txt:(}1.129{txt:)}}    {ralign 12:{txt:(}1.069{txt:)}}    {ralign 12:{txt:(}1.086{txt:)}}    {ralign 12:{txt:(}1.026{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -3.928*         -13.57***       -1.217*         -0.686***{txt}
            {res} {ralign 12:{txt:(}2.313{txt:)}}    {ralign 12:{txt:(}2.045{txt:)}}    {ralign 12:{txt:(}0.658{txt:)}}    {ralign 12:{txt:(}0.106{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        383.1           224.3           350.7           805.2   {txt}
{txt}N           {res}          224             224             224             224   {txt}
{txt}N_zero      {res}          154             181             166             126   {txt}
{txt}N_clust     {res}            7               7               7               7   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.14 - Substituting government partisanship with a measure of ideological cohesion in the cabinet (QoG CPDS Schmidt Index Measure)
. global xvar "i.cpds_govlr M_sovereign_debt M_bop M_sovereign_interest_rate"
{txt}
{com}. 
. eststo:  zinb financial_conditions $xvar i.country_id, inflate(_cons) cluster(country_id)

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-261.45511}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-248.56191}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-247.05869}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-246.02471}  
Iteration 4:{space 3}log pseudolikelihood = {res:-245.21364}  
Iteration 5:{space 3}log pseudolikelihood = {res:-245.02597}  
Iteration 6:{space 3}log pseudolikelihood = {res:-245.02557}  
Iteration 7:{space 3}log pseudolikelihood = {res:-245.02557}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-245.02557}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-231.16043}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-227.97885}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-227.22994}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-226.90561}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-226.75472}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-226.55673}  (not concave)
Iteration 7:{space 3}log pseudolikelihood = {res: -226.3237}  (not concave)
Iteration 8:{space 3}log pseudolikelihood = {res:-226.19935}  (not concave)
Iteration 9:{space 3}log pseudolikelihood = {res:-225.33474}  
Iteration 10:{space 2}log pseudolikelihood = {res:-223.99144}  
Iteration 11:{space 2}log pseudolikelihood = {res:-221.87089}  (not concave)
Iteration 12:{space 2}log pseudolikelihood = {res:-221.70444}  
Iteration 13:{space 2}log pseudolikelihood = {res: -221.1099}  
Iteration 14:{space 2}log pseudolikelihood = {res: -221.1041}  
Iteration 15:{space 2}log pseudolikelihood = {res:-221.10408}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      196
                                                  {txt}Nonzero obs     =  {res}       63
                                                  {txt}Zero obs        =  {res}      133

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-221.1041                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 106:(Std. Err. adjusted for {res:7} clusters in country_id)}
{hline 41}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 42}{c |}{col 54}    Robust
{col 1}                    financial_conditions{col 42}{c |}      Coef.{col 54}   Std. Err.{col 66}      z{col 74}   P>|z|{col 82}     [95% Con{col 95}f. Interval]
{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions                     {txt}{c |}
{space 30}cpds_govlr {c |}
{space 6}Dominance of right/center parties  {c |}{col 42}{res}{space 2} 2.260432{col 54}{space 2} 1.086098{col 65}{space 1}    2.08{col 74}{space 3}0.037{col 82}{space 4} .1317189{col 95}{space 3} 4.389145
{txt}Balance of power between left and right  {c |}{col 42}{res}{space 2} 2.079191{col 54}{space 2} 1.131963{col 65}{space 1}    1.84{col 74}{space 3}0.066{col 82}{space 4}-.1394147{col 95}{space 3} 4.297797
{txt}{space 14}Dominance of left parties  {c |}{col 42}{res}{space 2} .8190682{col 54}{space 2} 1.144877{col 65}{space 1}    0.72{col 74}{space 3}0.474{col 82}{space 4}-1.424849{col 95}{space 3} 3.062985
{txt}{space 15}Hegemony of left parties  {c |}{col 42}{res}{space 2}  2.83356{col 54}{space 2} 1.028602{col 65}{space 1}    2.75{col 74}{space 3}0.006{col 82}{space 4} .8175372{col 95}{space 3} 4.849584
{txt}{space 40} {c |}
{space 24}M_sovereign_debt {c |}{col 42}{res}{space 2} .0315051{col 54}{space 2} .0203911{col 65}{space 1}    1.55{col 74}{space 3}0.122{col 82}{space 4}-.0084607{col 95}{space 3} .0714709
{txt}{space 35}M_bop {c |}{col 42}{res}{space 2}-.0132333{col 54}{space 2} .0123299{col 65}{space 1}   -1.07{col 74}{space 3}0.283{col 82}{space 4}-.0373993{col 95}{space 3} .0109328
{txt}{space 15}M_sovereign_interest_rate {c |}{col 42}{res}{space 2}-.0464504{col 54}{space 2} .1076532{col 65}{space 1}   -0.43{col 74}{space 3}0.666{col 82}{space 4}-.2574467{col 95}{space 3} .1645459
{txt}{space 40} {c |}
{space 30}country_id {c |}
{space 38}2  {c |}{col 42}{res}{space 2}-.7961187{col 54}{space 2} .1778949{col 65}{space 1}   -4.48{col 74}{space 3}0.000{col 82}{space 4}-1.144786{col 95}{space 3}-.4474511
{txt}{space 38}3  {c |}{col 42}{res}{space 2} 3.138266{col 54}{space 2}  1.07848{col 65}{space 1}    2.91{col 74}{space 3}0.004{col 82}{space 4} 1.024484{col 95}{space 3} 5.252049
{txt}{space 38}5  {c |}{col 42}{res}{space 2}-.0447226{col 54}{space 2} .1754737{col 65}{space 1}   -0.25{col 74}{space 3}0.799{col 82}{space 4}-.3886448{col 95}{space 3} .2991996
{txt}{space 38}6  {c |}{col 42}{res}{space 2}-.5429023{col 54}{space 2}  .205386{col 65}{space 1}   -2.64{col 74}{space 3}0.008{col 82}{space 4}-.9454514{col 95}{space 3}-.1403532
{txt}{space 38}7  {c |}{col 42}{res}{space 2} .3634617{col 54}{space 2} .2917559{col 65}{space 1}    1.25{col 74}{space 3}0.213{col 82}{space 4}-.2083693{col 95}{space 3} .9352927
{txt}{space 38}8  {c |}{col 42}{res}{space 2} .0972587{col 54}{space 2}  .130333{col 65}{space 1}    0.75{col 74}{space 3}0.456{col 82}{space 4}-.1581893{col 95}{space 3} .3527066
{txt}{space 40} {c |}
{space 35}_cons {c |}{col 42}{res}{space 2}-1.168277{col 54}{space 2} 1.076319{col 65}{space 1}   -1.09{col 74}{space 3}0.278{col 82}{space 4}-3.277823{col 95}{space 3}  .941269
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                                  {txt}{c |}
{space 35}_cons {c |}{col 42}{res}{space 2}   .27965{col 54}{space 2} .3879976{col 65}{space 1}    0.72{col 74}{space 3}0.471{col 82}{space 4}-.4808115{col 95}{space 3} 1.040111
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                /lnalpha {c |}{col 42}{res}{space 2}-3.013948{col 54}{space 2} 1.365742{col 65}{space 1}   -2.21{col 74}{space 3}0.027{col 82}{space 4}-5.690754{col 95}{space 3}-.3371423
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                                   alpha{col 42}{c |}{res}{space 2} .0490975{col 54}{space 2} .0670545{col 82}{space 4}  .003377{col 95}{space 3} .7138073
{txt}{hline 41}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb financial_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(_cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-261.45511}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-248.56191}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-247.05869}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-246.02471}  
Iteration 4:{space 3}log pseudolikelihood = {res:-245.21364}  
Iteration 5:{space 3}log pseudolikelihood = {res:-245.02597}  
Iteration 6:{space 3}log pseudolikelihood = {res:-245.02557}  
Iteration 7:{space 3}log pseudolikelihood = {res:-245.02557}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-245.02557}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-230.75996}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:  -226.436}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-224.19163}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-222.51006}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-221.19899}  
Iteration 6:{space 3}log pseudolikelihood = {res:-212.86956}  (not concave)
Iteration 7:{space 3}log pseudolikelihood = {res:-212.25359}  
Iteration 8:{space 3}log pseudolikelihood = {res:-210.53537}  
Iteration 9:{space 3}log pseudolikelihood = {res:-210.47955}  
Iteration 10:{space 2}log pseudolikelihood = {res:-210.47875}  
Iteration 11:{space 2}log pseudolikelihood = {res:-210.47875}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      196
                                                  {txt}Nonzero obs     =  {res}       63
                                                  {txt}Zero obs        =  {res}      133

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-210.4788                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 106:(Std. Err. adjusted for {res:7} clusters in country_id)}
{hline 41}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 42}{c |}{col 54}    Robust
{col 1}                    financial_conditions{col 42}{c |}      Coef.{col 54}   Std. Err.{col 66}      z{col 74}   P>|z|{col 82}     [95% Con{col 95}f. Interval]
{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions                     {txt}{c |}
{space 30}cpds_govlr {c |}
{space 6}Dominance of right/center parties  {c |}{col 42}{res}{space 2} 2.454332{col 54}{space 2} 1.249151{col 65}{space 1}    1.96{col 74}{space 3}0.049{col 82}{space 4} .0060404{col 95}{space 3} 4.902623
{txt}Balance of power between left and right  {c |}{col 42}{res}{space 2} 2.002269{col 54}{space 2} 1.382849{col 65}{space 1}    1.45{col 74}{space 3}0.148{col 82}{space 4}-.7080653{col 95}{space 3} 4.712603
{txt}{space 14}Dominance of left parties  {c |}{col 42}{res}{space 2} 2.675425{col 54}{space 2} 1.481577{col 65}{space 1}    1.81{col 74}{space 3}0.071{col 82}{space 4}-.2284122{col 95}{space 3} 5.579261
{txt}{space 15}Hegemony of left parties  {c |}{col 42}{res}{space 2} 3.069138{col 54}{space 2} 1.738205{col 65}{space 1}    1.77{col 74}{space 3}0.077{col 82}{space 4}-.3376807{col 95}{space 3} 6.475958
{txt}{space 40} {c |}
{space 24}M_sovereign_debt {c |}{col 42}{res}{space 2}  .026723{col 54}{space 2} .0108277{col 65}{space 1}    2.47{col 74}{space 3}0.014{col 82}{space 4} .0055011{col 95}{space 3} .0479448
{txt}{space 35}M_bop {c |}{col 42}{res}{space 2} .0006677{col 54}{space 2} .0212488{col 65}{space 1}    0.03{col 74}{space 3}0.975{col 82}{space 4}-.0409791{col 95}{space 3} .0423146
{txt}{space 15}M_sovereign_interest_rate {c |}{col 42}{res}{space 2} -.013802{col 54}{space 2}   .07239{col 65}{space 1}   -0.19{col 74}{space 3}0.849{col 82}{space 4}-.1556837{col 95}{space 3} .1280797
{txt}{space 40} {c |}
{space 30}country_id {c |}
{space 38}2  {c |}{col 42}{res}{space 2}-.5415801{col 54}{space 2} .4757368{col 65}{space 1}   -1.14{col 74}{space 3}0.255{col 82}{space 4}-1.474007{col 95}{space 3}  .390847
{txt}{space 38}3  {c |}{col 42}{res}{space 2}  3.40049{col 54}{space 2} 1.152079{col 65}{space 1}    2.95{col 74}{space 3}0.003{col 82}{space 4} 1.142456{col 95}{space 3} 5.658525
{txt}{space 38}5  {c |}{col 42}{res}{space 2} .4506872{col 54}{space 2} .4366223{col 65}{space 1}    1.03{col 74}{space 3}0.302{col 82}{space 4}-.4050767{col 95}{space 3} 1.306451
{txt}{space 38}6  {c |}{col 42}{res}{space 2} .3259153{col 54}{space 2} .6130545{col 65}{space 1}    0.53{col 74}{space 3}0.595{col 82}{space 4}-.8756495{col 95}{space 3}  1.52748
{txt}{space 38}7  {c |}{col 42}{res}{space 2} .2475893{col 54}{space 2} .2483451{col 65}{space 1}    1.00{col 74}{space 3}0.319{col 82}{space 4}-.2391582{col 95}{space 3} .7343368
{txt}{space 38}8  {c |}{col 42}{res}{space 2}  .301824{col 54}{space 2} .2927254{col 65}{space 1}    1.03{col 74}{space 3}0.303{col 82}{space 4}-.2719073{col 95}{space 3} .8755553
{txt}{space 40} {c |}
{space 30}quarter_id {c |}{col 42}{res}{space 2} .7083767{col 54}{space 2} .2071852{col 65}{space 1}    3.42{col 74}{space 3}0.001{col 82}{space 4} .3023012{col 95}{space 3} 1.114452
{txt}{space 27}quarter_id_sq {c |}{col 42}{res}{space 2}-.0179737{col 54}{space 2} .0053431{col 65}{space 1}   -3.36{col 74}{space 3}0.001{col 82}{space 4} -.028446{col 95}{space 3}-.0075014
{txt}{space 35}_cons {c |}{col 42}{res}{space 2}-8.081374{col 54}{space 2} 2.863635{col 65}{space 1}   -2.82{col 74}{space 3}0.005{col 82}{space 4}  -13.694{col 95}{space 3}-2.468753
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                                  {txt}{c |}
{space 35}_cons {c |}{col 42}{res}{space 2}-.1059904{col 54}{space 2} .5928176{col 65}{space 1}   -0.18{col 74}{space 3}0.858{col 82}{space 4}-1.267892{col 95}{space 3} 1.055911
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                /lnalpha {c |}{col 42}{res}{space 2}-2.507432{col 54}{space 2} .9678999{col 65}{space 1}   -2.59{col 74}{space 3}0.010{col 82}{space 4}-4.404481{col 95}{space 3}-.6103827
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                                   alpha{col 42}{c |}{res}{space 2} .0814772{col 54}{space 2} .0788618{col 82}{space 4} .0122225{col 95}{space 3} .5431429
{txt}{hline 41}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. eststo:  zinb pub_labour_conditions $xvar i.country_id, inflate(_cons) cluster(country_id)

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-151.67874}  
Iteration 1:{space 3}log pseudolikelihood = {res:-143.53264}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-143.22893}  
Iteration 3:{space 3}log pseudolikelihood = {res:-142.98065}  
Iteration 4:{space 3}log pseudolikelihood = {res:-142.94339}  
Iteration 5:{space 3}log pseudolikelihood = {res:-142.91732}  
Iteration 6:{space 3}log pseudolikelihood = {res:-142.91401}  
Iteration 7:{space 3}log pseudolikelihood = {res:-142.90953}  
Iteration 8:{space 3}log pseudolikelihood = {res:-142.90911}  
Iteration 9:{space 3}log pseudolikelihood = {res:-142.90901}  
Iteration 10:{space 2}log pseudolikelihood = {res:-142.90901}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-142.90901}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-125.81448}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-123.07589}  
Iteration 3:{space 3}log pseudolikelihood = {res:-119.35235}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-118.36737}  
Iteration 5:{space 3}log pseudolikelihood = {res:-118.12815}  
Iteration 6:{space 3}log pseudolikelihood = {res:-117.63923}  
Iteration 7:{space 3}log pseudolikelihood = {res:-117.60724}  
Iteration 8:{space 3}log pseudolikelihood = {res:-117.56436}  
Iteration 9:{space 3}log pseudolikelihood = {res:-117.55331}  
Iteration 10:{space 2}log pseudolikelihood = {res: -117.5472}  
Iteration 11:{space 2}log pseudolikelihood = {res:-117.54537}  
Iteration 12:{space 2}log pseudolikelihood = {res:-117.54482}  
Iteration 13:{space 2}log pseudolikelihood = {res:-117.54469}  
Iteration 14:{space 2}log pseudolikelihood = {res:-117.54466}  
Iteration 15:{space 2}log pseudolikelihood = {res:-117.54465}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      196
                                                  {txt}Nonzero obs     =  {res}       38
                                                  {txt}Zero obs        =  {res}      158

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}13{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-117.5446                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 106:(Std. Err. adjusted for {res:7} clusters in country_id)}
{hline 41}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 42}{c |}{col 54}    Robust
{col 1}                   pub_labour_conditions{col 42}{c |}      Coef.{col 54}   Std. Err.{col 66}      z{col 74}   P>|z|{col 82}     [95% Con{col 95}f. Interval]
{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions                    {txt}{c |}
{space 30}cpds_govlr {c |}
{space 6}Dominance of right/center parties  {c |}{col 42}{res}{space 2} .8705846{col 54}{space 2} .5973622{col 65}{space 1}    1.46{col 74}{space 3}0.145{col 82}{space 4}-.3002238{col 95}{space 3} 2.041393
{txt}Balance of power between left and right  {c |}{col 42}{res}{space 2} .8700463{col 54}{space 2} .2918797{col 65}{space 1}    2.98{col 74}{space 3}0.003{col 82}{space 4} .2979727{col 95}{space 3}  1.44212
{txt}{space 14}Dominance of left parties  {c |}{col 42}{res}{space 2}-.4496906{col 54}{space 2} .8497315{col 65}{space 1}   -0.53{col 74}{space 3}0.597{col 82}{space 4}-2.115134{col 95}{space 3} 1.215753
{txt}{space 15}Hegemony of left parties  {c |}{col 42}{res}{space 2} 1.260598{col 54}{space 2} 1.368395{col 65}{space 1}    0.92{col 74}{space 3}0.357{col 82}{space 4}-1.421407{col 95}{space 3} 3.942604
{txt}{space 40} {c |}
{space 24}M_sovereign_debt {c |}{col 42}{res}{space 2} .1278167{col 54}{space 2} .0394592{col 65}{space 1}    3.24{col 74}{space 3}0.001{col 82}{space 4} .0504781{col 95}{space 3} .2051554
{txt}{space 35}M_bop {c |}{col 42}{res}{space 2} .0176622{col 54}{space 2} .0293896{col 65}{space 1}    0.60{col 74}{space 3}0.548{col 82}{space 4}-.0399404{col 95}{space 3} .0752648
{txt}{space 15}M_sovereign_interest_rate {c |}{col 42}{res}{space 2} .2750446{col 54}{space 2} .1070856{col 65}{space 1}    2.57{col 74}{space 3}0.010{col 82}{space 4} .0651606{col 95}{space 3} .4849285
{txt}{space 40} {c |}
{space 30}country_id {c |}
{space 38}2  {c |}{col 42}{res}{space 2} .8650163{col 54}{space 2} .8114298{col 65}{space 1}    1.07{col 74}{space 3}0.286{col 82}{space 4}-.7253568{col 95}{space 3} 2.455389
{txt}{space 38}3  {c |}{col 42}{res}{space 2}-17.89468{col 54}{space 2} 1.559295{col 65}{space 1}  -11.48{col 74}{space 3}0.000{col 82}{space 4}-20.95085{col 95}{space 3}-14.83852
{txt}{space 38}5  {c |}{col 42}{res}{space 2}  1.84664{col 54}{space 2} .5957644{col 65}{space 1}    3.10{col 74}{space 3}0.002{col 82}{space 4} .6789633{col 95}{space 3} 3.014317
{txt}{space 38}6  {c |}{col 42}{res}{space 2}-.3150135{col 54}{space 2} .9528273{col 65}{space 1}   -0.33{col 74}{space 3}0.741{col 82}{space 4}-2.182521{col 95}{space 3} 1.552494
{txt}{space 38}7  {c |}{col 42}{res}{space 2} .8119458{col 54}{space 2} .8075868{col 65}{space 1}    1.01{col 74}{space 3}0.315{col 82}{space 4}-.7708953{col 95}{space 3} 2.394787
{txt}{space 38}8  {c |}{col 42}{res}{space 2} 2.295841{col 54}{space 2} .3841926{col 65}{space 1}    5.98{col 74}{space 3}0.000{col 82}{space 4} 1.542838{col 95}{space 3} 3.048845
{txt}{space 40} {c |}
{space 35}_cons {c |}{col 42}{res}{space 2}-3.279983{col 54}{space 2} .7424464{col 65}{space 1}   -4.42{col 74}{space 3}0.000{col 82}{space 4}-4.735152{col 95}{space 3}-1.824815
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                                  {txt}{c |}
{space 35}_cons {c |}{col 42}{res}{space 2}-13.44617{col 54}{space 2} 1.128195{col 65}{space 1}  -11.92{col 74}{space 3}0.000{col 82}{space 4}-15.65739{col 95}{space 3}-11.23495
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                /lnalpha {c |}{col 42}{res}{space 2} .1871472{col 54}{space 2} .6105787{col 65}{space 1}    0.31{col 74}{space 3}0.759{col 82}{space 4}-1.009565{col 95}{space 3}  1.38386
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                                   alpha{col 42}{c |}{res}{space 2} 1.205805{col 54}{space 2} .7362387{col 82}{space 4} .3643774{col 95}{space 3} 3.990272
{txt}{hline 41}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est3{txt} stored)

{com}. eststo:  zinb pub_labour_conditions $xvar i.country_id quarter_id quarter_id_sq, inflate(_cons) cluster(country_id) 

{txt}Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-151.67874}  
Iteration 1:{space 3}log pseudolikelihood = {res:-143.53264}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-143.22893}  
Iteration 3:{space 3}log pseudolikelihood = {res:-142.98065}  
Iteration 4:{space 3}log pseudolikelihood = {res:-142.94339}  
Iteration 5:{space 3}log pseudolikelihood = {res:-142.91732}  
Iteration 6:{space 3}log pseudolikelihood = {res:-142.91401}  
Iteration 7:{space 3}log pseudolikelihood = {res:-142.90953}  
Iteration 8:{space 3}log pseudolikelihood = {res:-142.90911}  
Iteration 9:{space 3}log pseudolikelihood = {res:-142.90901}  
Iteration 10:{space 2}log pseudolikelihood = {res:-142.90901}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-142.90901}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-120.46989}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res:-118.51949}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-117.88556}  
Iteration 4:{space 3}log pseudolikelihood = {res:-101.83938}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-101.00826}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-100.95839}  
Iteration 7:{space 3}log pseudolikelihood = {res:-96.937674}  (not concave)
Iteration 8:{space 3}log pseudolikelihood = {res:-96.907737}  
Iteration 9:{space 3}log pseudolikelihood = {res: -96.10935}  
Iteration 10:{space 2}log pseudolikelihood = {res:-96.085099}  
Iteration 11:{space 2}log pseudolikelihood = {res:-96.084083}  
Iteration 12:{space 2}log pseudolikelihood = {res:-96.083856}  
Iteration 13:{space 2}log pseudolikelihood = {res:  -96.0838}  
Iteration 14:{space 2}log pseudolikelihood = {res:-96.083788}  
Iteration 15:{space 2}log pseudolikelihood = {res:-96.083786}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      196
                                                  {txt}Nonzero obs     =  {res}       38
                                                  {txt}Zero obs        =  {res}      158

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-96.08379                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 106:(Std. Err. adjusted for {res:7} clusters in country_id)}
{hline 41}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 42}{c |}{col 54}    Robust
{col 1}                   pub_labour_conditions{col 42}{c |}      Coef.{col 54}   Std. Err.{col 66}      z{col 74}   P>|z|{col 82}     [95% Con{col 95}f. Interval]
{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions                    {txt}{c |}
{space 30}cpds_govlr {c |}
{space 6}Dominance of right/center parties  {c |}{col 42}{res}{space 2} .7511983{col 54}{space 2}  .692979{col 65}{space 1}    1.08{col 74}{space 3}0.278{col 82}{space 4}-.6070156{col 95}{space 3} 2.109412
{txt}Balance of power between left and right  {c |}{col 42}{res}{space 2} .1965065{col 54}{space 2} .5853322{col 65}{space 1}    0.34{col 74}{space 3}0.737{col 82}{space 4}-.9507234{col 95}{space 3} 1.343737
{txt}{space 14}Dominance of left parties  {c |}{col 42}{res}{space 2}-.8331635{col 54}{space 2} 1.085562{col 65}{space 1}   -0.77{col 74}{space 3}0.443{col 82}{space 4}-2.960827{col 95}{space 3}   1.2945
{txt}{space 15}Hegemony of left parties  {c |}{col 42}{res}{space 2} .8537954{col 54}{space 2} 1.630152{col 65}{space 1}    0.52{col 74}{space 3}0.600{col 82}{space 4}-2.341244{col 95}{space 3} 4.048835
{txt}{space 40} {c |}
{space 24}M_sovereign_debt {c |}{col 42}{res}{space 2} .0444765{col 54}{space 2} .0265595{col 65}{space 1}    1.67{col 74}{space 3}0.094{col 82}{space 4}-.0075791{col 95}{space 3} .0965322
{txt}{space 35}M_bop {c |}{col 42}{res}{space 2} .0293826{col 54}{space 2} .0344436{col 65}{space 1}    0.85{col 74}{space 3}0.394{col 82}{space 4}-.0381256{col 95}{space 3} .0968908
{txt}{space 15}M_sovereign_interest_rate {c |}{col 42}{res}{space 2}  .276537{col 54}{space 2} .1766084{col 65}{space 1}    1.57{col 74}{space 3}0.117{col 82}{space 4}-.0696092{col 95}{space 3} .6226831
{txt}{space 40} {c |}
{space 30}country_id {c |}
{space 38}2  {c |}{col 42}{res}{space 2} 1.131085{col 54}{space 2} .4606519{col 65}{space 1}    2.46{col 74}{space 3}0.014{col 82}{space 4} .2282235{col 95}{space 3} 2.033946
{txt}{space 38}3  {c |}{col 42}{res}{space 2}-15.05697{col 54}{space 2} 1.251973{col 65}{space 1}  -12.03{col 74}{space 3}0.000{col 82}{space 4} -17.5108{col 95}{space 3}-12.60315
{txt}{space 38}5  {c |}{col 42}{res}{space 2} 2.061454{col 54}{space 2} .3571427{col 65}{space 1}    5.77{col 74}{space 3}0.000{col 82}{space 4} 1.361467{col 95}{space 3} 2.761441
{txt}{space 38}6  {c |}{col 42}{res}{space 2} .0331149{col 54}{space 2} .3929003{col 65}{space 1}    0.08{col 74}{space 3}0.933{col 82}{space 4}-.7369555{col 95}{space 3} .8031852
{txt}{space 38}7  {c |}{col 42}{res}{space 2} .8767061{col 54}{space 2} .3203744{col 65}{space 1}    2.74{col 74}{space 3}0.006{col 82}{space 4} .2487839{col 95}{space 3} 1.504628
{txt}{space 38}8  {c |}{col 42}{res}{space 2} 2.283876{col 54}{space 2} .2872247{col 65}{space 1}    7.95{col 74}{space 3}0.000{col 82}{space 4} 1.720926{col 95}{space 3} 2.846826
{txt}{space 40} {c |}
{space 30}quarter_id {c |}{col 42}{res}{space 2} 1.314872{col 54}{space 2} .2298116{col 65}{space 1}    5.72{col 74}{space 3}0.000{col 82}{space 4} .8644499{col 95}{space 3} 1.765295
{txt}{space 27}quarter_id_sq {c |}{col 42}{res}{space 2}-.0367872{col 54}{space 2} .0067339{col 65}{space 1}   -5.46{col 74}{space 3}0.000{col 82}{space 4}-.0499855{col 95}{space 3} -.023589
{txt}{space 35}_cons {c |}{col 42}{res}{space 2} -13.4119{col 54}{space 2}  1.87979{col 65}{space 1}   -7.13{col 74}{space 3}0.000{col 82}{space 4}-17.09623{col 95}{space 3}-9.727583
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                                  {txt}{c |}
{space 35}_cons {c |}{col 42}{res}{space 2}-1.925395{col 54}{space 2} .2019355{col 65}{space 1}   -9.53{col 74}{space 3}0.000{col 82}{space 4}-2.321181{col 95}{space 3}-1.529608
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                /lnalpha {c |}{col 42}{res}{space 2}-2.065841{col 54}{space 2} 2.589114{col 65}{space 1}   -0.80{col 74}{space 3}0.425{col 82}{space 4}-7.140411{col 95}{space 3}  3.00873
{txt}{hline 41}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                                   alpha{col 42}{c |}{res}{space 2} .1267117{col 54}{space 2} .3280711{col 82}{space 4} .0007924{col 95}{space 3} 20.26165
{txt}{hline 41}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est4{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    financial_~s    pub_labour~s    pub_labour~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}1.cpds_govlr{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.cpds_govlr{res}        2.260**         2.454**         0.871           0.751   {txt}
            {res} {ralign 12:{txt:(}1.086{txt:)}}    {ralign 12:{txt:(}1.249{txt:)}}    {ralign 12:{txt:(}0.597{txt:)}}    {ralign 12:{txt:(}0.693{txt:)}}   {txt}

{txt}3.cpds_govlr{res}        2.079*          2.002           0.870***        0.197   {txt}
            {res} {ralign 12:{txt:(}1.132{txt:)}}    {ralign 12:{txt:(}1.383{txt:)}}    {ralign 12:{txt:(}0.292{txt:)}}    {ralign 12:{txt:(}0.585{txt:)}}   {txt}

{txt}4.cpds_govlr{res}        0.819           2.675*         -0.450          -0.833   {txt}
            {res} {ralign 12:{txt:(}1.145{txt:)}}    {ralign 12:{txt:(}1.482{txt:)}}    {ralign 12:{txt:(}0.850{txt:)}}    {ralign 12:{txt:(}1.086{txt:)}}   {txt}

{txt}5.cpds_govlr{res}        2.834***        3.069*          1.261           0.854   {txt}
            {res} {ralign 12:{txt:(}1.029{txt:)}}    {ralign 12:{txt:(}1.738{txt:)}}    {ralign 12:{txt:(}1.368{txt:)}}    {ralign 12:{txt:(}1.630{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0315          0.0267**         0.128***       0.0445*  {txt}
            {res} {ralign 12:{txt:(}0.0204{txt:)}}    {ralign 12:{txt:(}0.0108{txt:)}}    {ralign 12:{txt:(}0.0395{txt:)}}    {ralign 12:{txt:(}0.0266{txt:)}}   {txt}

{txt}M_bop       {res}      -0.0132        0.000668          0.0177          0.0294   {txt}
            {res} {ralign 12:{txt:(}0.0123{txt:)}}    {ralign 12:{txt:(}0.0212{txt:)}}    {ralign 12:{txt:(}0.0294{txt:)}}    {ralign 12:{txt:(}0.0344{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0465         -0.0138           0.275**         0.277   {txt}
            {res} {ralign 12:{txt:(}0.108{txt:)}}    {ralign 12:{txt:(}0.0724{txt:)}}    {ralign 12:{txt:(}0.107{txt:)}}    {ralign 12:{txt:(}0.177{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -0.796***       -0.542           0.865           1.131** {txt}
            {res} {ralign 12:{txt:(}0.178{txt:)}}    {ralign 12:{txt:(}0.476{txt:)}}    {ralign 12:{txt:(}0.811{txt:)}}    {ralign 12:{txt:(}0.461{txt:)}}   {txt}

{txt}3.country_id{res}        3.138***        3.400***       -17.89***       -15.06***{txt}
            {res} {ralign 12:{txt:(}1.078{txt:)}}    {ralign 12:{txt:(}1.152{txt:)}}    {ralign 12:{txt:(}1.559{txt:)}}    {ralign 12:{txt:(}1.252{txt:)}}   {txt}

{txt}5.country_id{res}      -0.0447           0.451           1.847***        2.061***{txt}
            {res} {ralign 12:{txt:(}0.175{txt:)}}    {ralign 12:{txt:(}0.437{txt:)}}    {ralign 12:{txt:(}0.596{txt:)}}    {ralign 12:{txt:(}0.357{txt:)}}   {txt}

{txt}6.country_id{res}       -0.543***        0.326          -0.315          0.0331   {txt}
            {res} {ralign 12:{txt:(}0.205{txt:)}}    {ralign 12:{txt:(}0.613{txt:)}}    {ralign 12:{txt:(}0.953{txt:)}}    {ralign 12:{txt:(}0.393{txt:)}}   {txt}

{txt}7.country_id{res}        0.363           0.248           0.812           0.877***{txt}
            {res} {ralign 12:{txt:(}0.292{txt:)}}    {ralign 12:{txt:(}0.248{txt:)}}    {ralign 12:{txt:(}0.808{txt:)}}    {ralign 12:{txt:(}0.320{txt:)}}   {txt}

{txt}8.country_id{res}       0.0973           0.302           2.296***        2.284***{txt}
            {res} {ralign 12:{txt:(}0.130{txt:)}}    {ralign 12:{txt:(}0.293{txt:)}}    {ralign 12:{txt:(}0.384{txt:)}}    {ralign 12:{txt:(}0.287{txt:)}}   {txt}

{txt}quarter_id  {res}                        0.708***                        1.315***{txt}
            {res}                 {ralign 12:{txt:(}0.207{txt:)}}                    {ralign 12:{txt:(}0.230{txt:)}}   {txt}

{txt}quarter_id~q{res}                      -0.0180***                      -0.0368***{txt}
            {res}                 {ralign 12:{txt:(}0.00534{txt:)}}                    {ralign 12:{txt:(}0.00673{txt:)}}   {txt}

{txt}_cons       {res}       -1.168          -8.081***       -3.280***       -13.41***{txt}
            {res} {ralign 12:{txt:(}1.076{txt:)}}    {ralign 12:{txt:(}2.864{txt:)}}    {ralign 12:{txt:(}0.742{txt:)}}    {ralign 12:{txt:(}1.880{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}_cons       {res}        0.280          -0.106          -13.45***       -1.925***{txt}
            {res} {ralign 12:{txt:(}0.388{txt:)}}    {ralign 12:{txt:(}0.593{txt:)}}    {ralign 12:{txt:(}1.128{txt:)}}    {ralign 12:{txt:(}0.202{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -3.014**        -2.507***        0.187          -2.066   {txt}
            {res} {ralign 12:{txt:(}1.366{txt:)}}    {ralign 12:{txt:(}0.968{txt:)}}    {ralign 12:{txt:(}0.611{txt:)}}    {ralign 12:{txt:(}2.589{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        454.2           433.0           249.1           206.2   {txt}
{txt}N           {res}          196             196             196             196   {txt}
{txt}N_zero      {res}          133             133             158             158   {txt}
{txt}N_clust     {res}            7               7               7               7   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.15 - Controlling for finance ministry's partisan ideology
. gen l_m_finance =  l2.m_finance
{txt}(16 missing values generated)

{com}. gen ldebt = l4.sovereign_debt
{txt}(32 missing values generated)

{com}. gen lbop = l4.bop
{txt}(56 missing values generated)

{com}. gen linterest = l4.sovereign_interest_rate
{txt}(32 missing values generated)

{com}. global xvar "A_government_partisanship M_sovereign_debt M_bop M_sovereign_interest_rate"
{txt}
{com}. eststo m1:  zinb financial_conditions $xvar    l_m_finance i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}14{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-184.2618                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.0899202{col 39}{space 2} .0740121{col 50}{space 1}   -1.21{col 59}{space 3}0.224{col 67}{space 4}-.2349812{col 80}{space 3} .0551408
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0122666{col 39}{space 2} .0128008{col 50}{space 1}    0.96{col 59}{space 3}0.338{col 67}{space 4}-.0128224{col 80}{space 3} .0373557
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2}-.0025378{col 39}{space 2} .0097069{col 50}{space 1}   -0.26{col 59}{space 3}0.794{col 67}{space 4} -.021563{col 80}{space 3} .0164874
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0456684{col 39}{space 2} .0695317{col 50}{space 1}   -0.66{col 59}{space 3}0.511{col 67}{space 4}-.1819481{col 80}{space 3} .0906113
{txt}{space 14}l_m_finance {c |}{col 27}{res}{space 2}-.2335351{col 39}{space 2} .2199756{col 50}{space 1}   -1.06{col 59}{space 3}0.288{col 67}{space 4}-.6646793{col 80}{space 3}  .197609
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.413038{col 39}{space 2} .3720207{col 50}{space 1}   -3.80{col 59}{space 3}0.000{col 67}{space 4}-2.142185{col 80}{space 3}-.6838909
{txt}{space 23}3  {c |}{col 27}{res}{space 2} 1.207094{col 39}{space 2} .2212526{col 50}{space 1}    5.46{col 59}{space 3}0.000{col 67}{space 4} .7734473{col 80}{space 3} 1.640742
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.094617{col 39}{space 2} .3718626{col 50}{space 1}    2.94{col 59}{space 3}0.003{col 67}{space 4}   .36578{col 80}{space 3} 1.823455
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.6354029{col 39}{space 2} .1829438{col 50}{space 1}   -3.47{col 59}{space 3}0.001{col 67}{space 4}-.9939662{col 80}{space 3}-.2768397
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-1.276552{col 39}{space 2} .4605016{col 50}{space 1}   -2.77{col 59}{space 3}0.006{col 67}{space 4}-2.179119{col 80}{space 3}-.3739857
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.8943683{col 39}{space 2} .1989127{col 50}{space 1}   -4.50{col 59}{space 3}0.000{col 67}{space 4} -1.28423{col 80}{space 3}-.5045066
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-.3749536{col 39}{space 2} .0752987{col 50}{space 1}   -4.98{col 59}{space 3}0.000{col 67}{space 4}-.5225364{col 80}{space 3}-.2273708
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .2346462{col 39}{space 2} .1577575{col 50}{space 1}    1.49{col 59}{space 3}0.137{col 67}{space 4}-.0745529{col 80}{space 3} .5438452
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0079274{col 39}{space 2} .0033707{col 50}{space 1}   -2.35{col 59}{space 3}0.019{col 67}{space 4}-.0145338{col 80}{space 3}-.0013209
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .7192728{col 39}{space 2} 2.038731{col 50}{space 1}    0.35{col 59}{space 3}0.724{col 67}{space 4}-3.276566{col 80}{space 3} 4.715111
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.777047{col 39}{space 2} 1.003433{col 50}{space 1}   -5.76{col 59}{space 3}0.000{col 67}{space 4}-7.743739{col 80}{space 3}-3.810354
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.501457{col 39}{space 2} 1.045068{col 50}{space 1}    4.31{col 59}{space 3}0.000{col 67}{space 4} 2.453162{col 80}{space 3} 6.549752
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-4.031999{col 39}{space 2} 2.876503{col 50}{space 1}   -1.40{col 59}{space 3}0.161{col 67}{space 4}-9.669842{col 80}{space 3} 1.605844
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .0177388{col 39}{space 2} .0510258{col 67}{space 4} .0000632{col 80}{space 3} 4.982063
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m2:  zinb financial_conditions $xvar ldebt lbop linterest  l_m_finance i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}17{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-180.1316                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.0090161{col 39}{space 2} .0706398{col 50}{space 1}   -0.13{col 59}{space 3}0.898{col 67}{space 4}-.1474675{col 80}{space 3} .1294353
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0290049{col 39}{space 2} .0096536{col 50}{space 1}    3.00{col 59}{space 3}0.003{col 67}{space 4} .0100842{col 80}{space 3} .0479256
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0095137{col 39}{space 2} .0244218{col 50}{space 1}    0.39{col 59}{space 3}0.697{col 67}{space 4}-.0383522{col 80}{space 3} .0573796
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.0769909{col 39}{space 2} .0803318{col 50}{space 1}   -0.96{col 59}{space 3}0.338{col 67}{space 4}-.2344383{col 80}{space 3} .0804565
{txt}{space 20}ldebt {c |}{col 27}{res}{space 2}-.0343214{col 39}{space 2} .0144584{col 50}{space 1}   -2.37{col 59}{space 3}0.018{col 67}{space 4}-.0626594{col 80}{space 3}-.0059835
{txt}{space 21}lbop {c |}{col 27}{res}{space 2}-.0340143{col 39}{space 2} .0266409{col 50}{space 1}   -1.28{col 59}{space 3}0.202{col 67}{space 4}-.0862294{col 80}{space 3} .0182008
{txt}{space 16}linterest {c |}{col 27}{res}{space 2} .0002781{col 39}{space 2} .0421485{col 50}{space 1}    0.01{col 59}{space 3}0.995{col 67}{space 4}-.0823314{col 80}{space 3} .0828875
{txt}{space 14}l_m_finance {c |}{col 27}{res}{space 2}-.3754423{col 39}{space 2} .1803447{col 50}{space 1}   -2.08{col 59}{space 3}0.037{col 67}{space 4}-.7289115{col 80}{space 3}-.0219731
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .0611302{col 39}{space 2} 1.111994{col 50}{space 1}    0.05{col 59}{space 3}0.956{col 67}{space 4}-2.118338{col 80}{space 3} 2.240598
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-.1339624{col 39}{space 2} .5605199{col 50}{space 1}   -0.24{col 59}{space 3}0.811{col 67}{space 4}-1.232561{col 80}{space 3} .9646363
{txt}{space 23}4  {c |}{col 27}{res}{space 2}-.2029978{col 39}{space 2} .6113819{col 50}{space 1}   -0.33{col 59}{space 3}0.740{col 67}{space 4}-1.401284{col 80}{space 3} .9952887
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-2.103867{col 39}{space 2}  .621384{col 50}{space 1}   -3.39{col 59}{space 3}0.001{col 67}{space 4}-3.321758{col 80}{space 3}-.8859772
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.6945399{col 39}{space 2} .4942672{col 50}{space 1}   -1.41{col 59}{space 3}0.160{col 67}{space 4}-1.663286{col 80}{space 3}  .274206
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.7932413{col 39}{space 2} .3031799{col 50}{space 1}   -2.62{col 59}{space 3}0.009{col 67}{space 4}-1.387463{col 80}{space 3}-.1990197
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-2.688501{col 39}{space 2} .8363096{col 50}{space 1}   -3.21{col 59}{space 3}0.001{col 67}{space 4}-4.327638{col 80}{space 3}-1.049364
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4716137{col 39}{space 2} .1993069{col 50}{space 1}    2.37{col 59}{space 3}0.018{col 67}{space 4} .0809793{col 80}{space 3}  .862248
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0107872{col 39}{space 2} .0038057{col 50}{space 1}   -2.83{col 59}{space 3}0.005{col 67}{space 4}-.0182463{col 80}{space 3}-.0033281
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} -.187097{col 39}{space 2} 1.777503{col 50}{space 1}   -0.11{col 59}{space 3}0.916{col 67}{space 4}-3.670939{col 80}{space 3} 3.296745
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.880881{col 39}{space 2} .9877891{col 50}{space 1}   -5.95{col 59}{space 3}0.000{col 67}{space 4}-7.816913{col 80}{space 3} -3.94485
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.538243{col 39}{space 2} 1.029049{col 50}{space 1}    4.41{col 59}{space 3}0.000{col 67}{space 4} 2.521345{col 80}{space 3} 6.555142
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-14.25426{col 39}{space 2} 6.517878{col 50}{space 1}   -2.19{col 59}{space 3}0.029{col 67}{space 4}-27.02906{col 80}{space 3} -1.47945
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 6.45e-07{col 39}{space 2} 4.20e-06{col 67}{space 4} 1.83e-12{col 80}{space 3} .2277629
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m3:  zinb pub_labour_conditions $xvar   l_m_finance i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}14{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-101.2926                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .5836721{col 39}{space 2} .0906314{col 50}{space 1}    6.44{col 59}{space 3}0.000{col 67}{space 4} .4060377{col 80}{space 3} .7613065
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0305456{col 39}{space 2}  .028068{col 50}{space 1}    1.09{col 59}{space 3}0.276{col 67}{space 4}-.0244666{col 80}{space 3} .0855578
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0444395{col 39}{space 2} .0207436{col 50}{space 1}    2.14{col 59}{space 3}0.032{col 67}{space 4} .0037828{col 80}{space 3} .0850963
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .0952271{col 39}{space 2}  .116177{col 50}{space 1}    0.82{col 59}{space 3}0.412{col 67}{space 4}-.1324756{col 80}{space 3} .3229297
{txt}{space 14}l_m_finance {c |}{col 27}{res}{space 2}-1.113233{col 39}{space 2} .2310294{col 50}{space 1}   -4.82{col 59}{space 3}0.000{col 67}{space 4}-1.566043{col 80}{space 3}-.6604242
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.259184{col 39}{space 2}  .446264{col 50}{space 1}   -2.82{col 59}{space 3}0.005{col 67}{space 4}-2.133845{col 80}{space 3}-.3845226
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-19.07005{col 39}{space 2} 1.192219{col 50}{space 1}  -16.00{col 59}{space 3}0.000{col 67}{space 4}-21.40676{col 80}{space 3}-16.73334
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 1.947129{col 39}{space 2}  .821083{col 50}{space 1}    2.37{col 59}{space 3}0.018{col 67}{space 4} .3378358{col 80}{space 3} 3.556422
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-.0388114{col 39}{space 2}  .231354{col 50}{space 1}   -0.17{col 59}{space 3}0.867{col 67}{space 4}-.4922569{col 80}{space 3}  .414634
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.3864299{col 39}{space 2} .3775774{col 50}{space 1}   -1.02{col 59}{space 3}0.306{col 67}{space 4}-1.126468{col 80}{space 3} .3536082
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6910045{col 39}{space 2} .3101522{col 50}{space 1}   -2.23{col 59}{space 3}0.026{col 67}{space 4}-1.298892{col 80}{space 3}-.0831172
{txt}{space 23}8  {c |}{col 27}{res}{space 2}   1.2692{col 39}{space 2} .1975241{col 50}{space 1}    6.43{col 59}{space 3}0.000{col 67}{space 4} .8820598{col 80}{space 3}  1.65634
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4931607{col 39}{space 2} .2319093{col 50}{space 1}    2.13{col 59}{space 3}0.033{col 67}{space 4} .0386268{col 80}{space 3} .9476945
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0158911{col 39}{space 2} .0063475{col 50}{space 1}   -2.50{col 59}{space 3}0.012{col 67}{space 4} -.028332{col 80}{space 3}-.0034502
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.545112{col 39}{space 2} 1.844639{col 50}{space 1}   -3.55{col 59}{space 3}0.000{col 67}{space 4}-10.16054{col 80}{space 3}-2.929687
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.140042{col 39}{space 2} .9753912{col 50}{space 1}   -5.27{col 59}{space 3}0.000{col 67}{space 4}-7.051774{col 80}{space 3}-3.228311
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.683519{col 39}{space 2} 1.253231{col 50}{space 1}    2.14{col 59}{space 3}0.032{col 67}{space 4} .2272313{col 80}{space 3} 5.139807
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-15.50784{col 39}{space 2} 2.183644{col 50}{space 1}   -7.10{col 59}{space 3}0.000{col 67}{space 4}-19.78771{col 80}{space 3}-11.22798
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 1.84e-07{col 39}{space 2} 4.02e-07{col 67}{space 4} 2.55e-09{col 80}{space 3} .0000133
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. eststo m4:  zinb pub_labour_conditions $xvar ldebt lbop linterest  l_m_finance i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(95)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}17{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-99.10668                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .7118539{col 39}{space 2} .0923412{col 50}{space 1}    7.71{col 59}{space 3}0.000{col 67}{space 4} .5308685{col 80}{space 3} .8928394
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0489359{col 39}{space 2} .0375541{col 50}{space 1}    1.30{col 59}{space 3}0.193{col 67}{space 4}-.0246688{col 80}{space 3} .1225407
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0493399{col 39}{space 2}  .016869{col 50}{space 1}    2.92{col 59}{space 3}0.003{col 67}{space 4} .0162772{col 80}{space 3} .0824026
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1926923{col 39}{space 2} .0951251{col 50}{space 1}    2.03{col 59}{space 3}0.043{col 67}{space 4} .0062504{col 80}{space 3} .3791341
{txt}{space 20}ldebt {c |}{col 27}{res}{space 2} .0111396{col 39}{space 2} .0268407{col 50}{space 1}    0.42{col 59}{space 3}0.678{col 67}{space 4}-.0414672{col 80}{space 3} .0637463
{txt}{space 21}lbop {c |}{col 27}{res}{space 2}-.0075244{col 39}{space 2} .0235117{col 50}{space 1}   -0.32{col 59}{space 3}0.749{col 67}{space 4}-.0536066{col 80}{space 3} .0385577
{txt}{space 16}linterest {c |}{col 27}{res}{space 2}-.1269705{col 39}{space 2}  .060508{col 50}{space 1}   -2.10{col 59}{space 3}0.036{col 67}{space 4} -.245564{col 80}{space 3}-.0083771
{txt}{space 14}l_m_finance {c |}{col 27}{res}{space 2} -1.35891{col 39}{space 2} .2318209{col 50}{space 1}   -5.86{col 59}{space 3}0.000{col 67}{space 4}-1.813271{col 80}{space 3}-.9045493
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2}-1.937903{col 39}{space 2} 1.623703{col 50}{space 1}   -1.19{col 59}{space 3}0.233{col 67}{space 4}-5.120302{col 80}{space 3} 1.244496
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-13.56784{col 39}{space 2} 1.315823{col 50}{space 1}  -10.31{col 59}{space 3}0.000{col 67}{space 4} -16.1468{col 80}{space 3}-10.98887
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 2.134071{col 39}{space 2}  .751409{col 50}{space 1}    2.84{col 59}{space 3}0.005{col 67}{space 4} .6613364{col 80}{space 3} 3.606806
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .8672553{col 39}{space 2} 1.299645{col 50}{space 1}    0.67{col 59}{space 3}0.505{col 67}{space 4}-1.680003{col 80}{space 3} 3.414513
{txt}{space 23}6  {c |}{col 27}{res}{space 2} .1925696{col 39}{space 2} .3999231{col 50}{space 1}    0.48{col 59}{space 3}0.630{col 67}{space 4}-.5912652{col 80}{space 3} .9764044
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.9688667{col 39}{space 2} .4518468{col 50}{space 1}   -2.14{col 59}{space 3}0.032{col 67}{space 4} -1.85447{col 80}{space 3}-.0832632
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 2.200885{col 39}{space 2} 1.525586{col 50}{space 1}    1.44{col 59}{space 3}0.149{col 67}{space 4} -.789209{col 80}{space 3}  5.19098
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .5745547{col 39}{space 2}  .246874{col 50}{space 1}    2.33{col 59}{space 3}0.020{col 67}{space 4} .0906905{col 80}{space 3} 1.058419
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0182567{col 39}{space 2} .0056345{col 50}{space 1}   -3.24{col 59}{space 3}0.001{col 67}{space 4}-.0293001{col 80}{space 3}-.0072133
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-7.983661{col 39}{space 2} 1.766948{col 50}{space 1}   -4.52{col 59}{space 3}0.000{col 67}{space 4}-11.44682{col 80}{space 3}-4.520507
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.198793{col 39}{space 2} 1.026726{col 50}{space 1}   -5.06{col 59}{space 3}0.000{col 67}{space 4}-7.211138{col 80}{space 3}-3.186448
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.629236{col 39}{space 2}  1.20224{col 50}{space 1}    2.19{col 59}{space 3}0.029{col 67}{space 4} .2728877{col 80}{space 3} 4.985583
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-40.69849{col 39}{space 2} .3656693{col 50}{space 1} -111.30{col 59}{space 3}0.000{col 67}{space 4}-41.41519{col 80}{space 3}-39.98179
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 2.11e-18{col 39}{space 2} 7.73e-19{col 67}{space 4} 1.03e-18{col 80}{space 3} 4.33e-18
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}

{com}. esttab m1 m2 m3 m4, star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    financial_~s    pub_labour~s    pub_labour~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}A_governme~p{res}      -0.0899        -0.00902           0.584***        0.712***{txt}
            {res} {ralign 12:{txt:(}0.0740{txt:)}}    {ralign 12:{txt:(}0.0706{txt:)}}    {ralign 12:{txt:(}0.0906{txt:)}}    {ralign 12:{txt:(}0.0923{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0123          0.0290***       0.0305          0.0489   {txt}
            {res} {ralign 12:{txt:(}0.0128{txt:)}}    {ralign 12:{txt:(}0.00965{txt:)}}    {ralign 12:{txt:(}0.0281{txt:)}}    {ralign 12:{txt:(}0.0376{txt:)}}   {txt}

{txt}M_bop       {res}     -0.00254         0.00951          0.0444**        0.0493***{txt}
            {res} {ralign 12:{txt:(}0.00971{txt:)}}    {ralign 12:{txt:(}0.0244{txt:)}}    {ralign 12:{txt:(}0.0207{txt:)}}    {ralign 12:{txt:(}0.0169{txt:)}}   {txt}

{txt}M_sovereig~e{res}      -0.0457         -0.0770          0.0952           0.193** {txt}
            {res} {ralign 12:{txt:(}0.0695{txt:)}}    {ralign 12:{txt:(}0.0803{txt:)}}    {ralign 12:{txt:(}0.116{txt:)}}    {ralign 12:{txt:(}0.0951{txt:)}}   {txt}

{txt}l_m_finance {res}       -0.234          -0.375**        -1.113***       -1.359***{txt}
            {res} {ralign 12:{txt:(}0.220{txt:)}}    {ralign 12:{txt:(}0.180{txt:)}}    {ralign 12:{txt:(}0.231{txt:)}}    {ralign 12:{txt:(}0.232{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.413***       0.0611          -1.259***       -1.938   {txt}
            {res} {ralign 12:{txt:(}0.372{txt:)}}    {ralign 12:{txt:(}1.112{txt:)}}    {ralign 12:{txt:(}0.446{txt:)}}    {ralign 12:{txt:(}1.624{txt:)}}   {txt}

{txt}3.country_id{res}        1.207***       -0.134          -19.07***       -13.57***{txt}
            {res} {ralign 12:{txt:(}0.221{txt:)}}    {ralign 12:{txt:(}0.561{txt:)}}    {ralign 12:{txt:(}1.192{txt:)}}    {ralign 12:{txt:(}1.316{txt:)}}   {txt}

{txt}4.country_id{res}        1.095***       -0.203           1.947**         2.134***{txt}
            {res} {ralign 12:{txt:(}0.372{txt:)}}    {ralign 12:{txt:(}0.611{txt:)}}    {ralign 12:{txt:(}0.821{txt:)}}    {ralign 12:{txt:(}0.751{txt:)}}   {txt}

{txt}5.country_id{res}       -0.635***       -2.104***      -0.0388           0.867   {txt}
            {res} {ralign 12:{txt:(}0.183{txt:)}}    {ralign 12:{txt:(}0.621{txt:)}}    {ralign 12:{txt:(}0.231{txt:)}}    {ralign 12:{txt:(}1.300{txt:)}}   {txt}

{txt}6.country_id{res}       -1.277***       -0.695          -0.386           0.193   {txt}
            {res} {ralign 12:{txt:(}0.461{txt:)}}    {ralign 12:{txt:(}0.494{txt:)}}    {ralign 12:{txt:(}0.378{txt:)}}    {ralign 12:{txt:(}0.400{txt:)}}   {txt}

{txt}7.country_id{res}       -0.894***       -0.793***       -0.691**        -0.969** {txt}
            {res} {ralign 12:{txt:(}0.199{txt:)}}    {ralign 12:{txt:(}0.303{txt:)}}    {ralign 12:{txt:(}0.310{txt:)}}    {ralign 12:{txt:(}0.452{txt:)}}   {txt}

{txt}8.country_id{res}       -0.375***       -2.689***        1.269***        2.201   {txt}
            {res} {ralign 12:{txt:(}0.0753{txt:)}}    {ralign 12:{txt:(}0.836{txt:)}}    {ralign 12:{txt:(}0.198{txt:)}}    {ralign 12:{txt:(}1.526{txt:)}}   {txt}

{txt}quarter_id  {res}        0.235           0.472**         0.493**         0.575** {txt}
            {res} {ralign 12:{txt:(}0.158{txt:)}}    {ralign 12:{txt:(}0.199{txt:)}}    {ralign 12:{txt:(}0.232{txt:)}}    {ralign 12:{txt:(}0.247{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00793**       -0.0108***      -0.0159**       -0.0183***{txt}
            {res} {ralign 12:{txt:(}0.00337{txt:)}}    {ralign 12:{txt:(}0.00381{txt:)}}    {ralign 12:{txt:(}0.00635{txt:)}}    {ralign 12:{txt:(}0.00563{txt:)}}   {txt}

{txt}ldebt       {res}                      -0.0343**                        0.0111   {txt}
            {res}                 {ralign 12:{txt:(}0.0145{txt:)}}                    {ralign 12:{txt:(}0.0268{txt:)}}   {txt}

{txt}lbop        {res}                      -0.0340                        -0.00752   {txt}
            {res}                 {ralign 12:{txt:(}0.0266{txt:)}}                    {ralign 12:{txt:(}0.0235{txt:)}}   {txt}

{txt}linterest   {res}                     0.000278                          -0.127** {txt}
            {res}                 {ralign 12:{txt:(}0.0421{txt:)}}                    {ralign 12:{txt:(}0.0605{txt:)}}   {txt}

{txt}_cons       {res}        0.719          -0.187          -6.545***       -7.984***{txt}
            {res} {ralign 12:{txt:(}2.039{txt:)}}    {ralign 12:{txt:(}1.778{txt:)}}    {ralign 12:{txt:(}1.845{txt:)}}    {ralign 12:{txt:(}1.767{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}ongoing_ba~t{res}       -5.777***       -5.881***       -5.140***       -5.199***{txt}
            {res} {ralign 12:{txt:(}1.003{txt:)}}    {ralign 12:{txt:(}0.988{txt:)}}    {ralign 12:{txt:(}0.975{txt:)}}    {ralign 12:{txt:(}1.027{txt:)}}   {txt}

{txt}_cons       {res}        4.501***        4.538***        2.684**         2.629** {txt}
            {res} {ralign 12:{txt:(}1.045{txt:)}}    {ralign 12:{txt:(}1.029{txt:)}}    {ralign 12:{txt:(}1.253{txt:)}}    {ralign 12:{txt:(}1.202{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -4.032          -14.25**        -15.51***       -40.70***{txt}
            {res} {ralign 12:{txt:(}2.877{txt:)}}    {ralign 12:{txt:(}6.518{txt:)}}    {ralign 12:{txt:(}2.184{txt:)}}    {ralign 12:{txt:(}0.366{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        382.5           376.3           218.6           214.2   {txt}
{txt}N           {res}          224             224             224             224   {txt}
{txt}N_zero      {res}          154             154             181             181   {txt}
{txt}N_clust     {res}            8               8               8               8   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.16 - Error Correction Model (levels and first differences of covariates)
. gen d_government_partisanship = d.l2.government_partisanship
{txt}(24 missing values generated)

{com}. 
. eststo:  zinb financial_conditions A_government_partisanship  d_government_partisanship ldebt lbop linterest  M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-183.5402                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.2418959{col 39}{space 2} .0497959{col 50}{space 1}   -4.86{col 59}{space 3}0.000{col 67}{space 4}-.3238029{col 80}{space 3} -.159989
{txt}d_government_partisanship {c |}{col 27}{res}{space 2} .2056715{col 39}{space 2} .0595231{col 50}{space 1}    3.46{col 59}{space 3}0.001{col 67}{space 4} .1077647{col 80}{space 3} .3035784
{txt}{space 20}ldebt {c |}{col 27}{res}{space 2}-.0295959{col 39}{space 2} .0089339{col 50}{space 1}   -3.31{col 59}{space 3}0.001{col 67}{space 4}-.0442909{col 80}{space 3}-.0149009
{txt}{space 21}lbop {c |}{col 27}{res}{space 2}-.0318491{col 39}{space 2} .0269318{col 50}{space 1}   -1.18{col 59}{space 3}0.237{col 67}{space 4}-.0761479{col 80}{space 3} .0124497
{txt}{space 16}linterest {c |}{col 27}{res}{space 2} .0386228{col 39}{space 2} .0262635{col 50}{space 1}    1.47{col 59}{space 3}0.141{col 67}{space 4}-.0045769{col 80}{space 3} .0818224
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0319043{col 39}{space 2} .0104933{col 50}{space 1}    3.04{col 59}{space 3}0.002{col 67}{space 4} .0146444{col 80}{space 3} .0491643
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0032572{col 39}{space 2}  .027904{col 50}{space 1}    0.12{col 59}{space 3}0.907{col 67}{space 4}-.0426409{col 80}{space 3} .0491552
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.1590609{col 39}{space 2} .1203393{col 50}{space 1}   -1.32{col 59}{space 3}0.186{col 67}{space 4}-.3570014{col 80}{space 3} .0388797
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .0246677{col 39}{space 2} .7626035{col 50}{space 1}    0.03{col 59}{space 3}0.974{col 67}{space 4}-1.229703{col 80}{space 3} 1.279039
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .5283241{col 39}{space 2} .1002291{col 50}{space 1}    5.27{col 59}{space 3}0.000{col 67}{space 4} .3634619{col 80}{space 3} .6931864
{txt}{space 23}4  {c |}{col 27}{res}{space 2}-.5411925{col 39}{space 2}  .140756{col 50}{space 1}   -3.84{col 59}{space 3}0.000{col 67}{space 4}-.7727155{col 80}{space 3}-.3096696
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-2.075388{col 39}{space 2} .4476971{col 50}{space 1}   -4.64{col 59}{space 3}0.000{col 67}{space 4}-2.811784{col 80}{space 3}-1.338992
{txt}{space 23}6  {c |}{col 27}{res}{space 2} -1.81781{col 39}{space 2} .1668684{col 50}{space 1}  -10.89{col 59}{space 3}0.000{col 67}{space 4}-2.092284{col 80}{space 3}-1.543336
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6035983{col 39}{space 2} .1324805{col 50}{space 1}   -4.56{col 59}{space 3}0.000{col 67}{space 4}-.8215092{col 80}{space 3}-.3856873
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-2.684937{col 39}{space 2} .4800668{col 50}{space 1}   -5.59{col 59}{space 3}0.000{col 67}{space 4}-3.474577{col 80}{space 3}-1.895298
{txt}{space 25} {c |}
{space 20}_cons {c |}{col 27}{res}{space 2} 5.095937{col 39}{space 2} 1.071817{col 50}{space 1}    4.75{col 59}{space 3}0.000{col 67}{space 4} 3.332955{col 80}{space 3}  6.85892
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2} -5.82824{col 39}{space 2} .9675292{col 50}{space 1}   -6.02{col 59}{space 3}0.000{col 67}{space 4}-7.419684{col 80}{space 3}-4.236796
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.606843{col 39}{space 2} 1.032576{col 50}{space 1}    4.46{col 59}{space 3}0.000{col 67}{space 4} 2.908407{col 80}{space 3} 6.305278
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2} -16.4686{col 39}{space 2} 2.233417{col 50}{space 1}   -7.37{col 59}{space 3}0.000{col 67}{space 4}-20.14224{col 80}{space 3}-12.79495
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 7.04e-08{col 39}{space 2} 1.57e-07{col 67}{space 4} 1.79e-09{col 80}{space 3} 2.77e-06
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb financial_conditions A_government_partisanship d_government_partisanship ldebt lbop linterest M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}17{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-178.0562                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}     financial_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions      {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2}-.1881548{col 39}{space 2} .0444357{col 50}{space 1}   -4.23{col 59}{space 3}0.000{col 67}{space 4}-.2612451{col 80}{space 3}-.1150646
{txt}d_government_partisanship {c |}{col 27}{res}{space 2} .1759843{col 39}{space 2} .0645199{col 50}{space 1}    2.73{col 59}{space 3}0.006{col 67}{space 4} .0698585{col 80}{space 3} .2821101
{txt}{space 20}ldebt {c |}{col 27}{res}{space 2} -.033075{col 39}{space 2} .0138453{col 50}{space 1}   -2.39{col 59}{space 3}0.017{col 67}{space 4}-.0558485{col 80}{space 3}-.0103014
{txt}{space 21}lbop {c |}{col 27}{res}{space 2}-.0385903{col 39}{space 2} .0282557{col 50}{space 1}   -1.37{col 59}{space 3}0.172{col 67}{space 4}-.0850668{col 80}{space 3} .0078862
{txt}{space 16}linterest {c |}{col 27}{res}{space 2} .0020266{col 39}{space 2} .0339676{col 50}{space 1}    0.06{col 59}{space 3}0.952{col 67}{space 4}-.0538451{col 80}{space 3} .0578983
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0337792{col 39}{space 2} .0120301{col 50}{space 1}    2.81{col 59}{space 3}0.005{col 67}{space 4} .0139915{col 80}{space 3}  .053567
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0078904{col 39}{space 2} .0248124{col 50}{space 1}    0.32{col 59}{space 3}0.750{col 67}{space 4}-.0329224{col 80}{space 3} .0487032
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2}-.1011521{col 39}{space 2} .0907083{col 50}{space 1}   -1.12{col 59}{space 3}0.265{col 67}{space 4} -.250354{col 80}{space 3} .0480498
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .5524956{col 39}{space 2} .9420656{col 50}{space 1}    0.59{col 59}{space 3}0.558{col 67}{space 4}-.9970645{col 80}{space 3} 2.102056
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .2367854{col 39}{space 2} .5130406{col 50}{space 1}    0.46{col 59}{space 3}0.644{col 67}{space 4}-.6070913{col 80}{space 3} 1.080662
{txt}{space 23}4  {c |}{col 27}{res}{space 2}-.3165378{col 39}{space 2} .5120549{col 50}{space 1}   -0.62{col 59}{space 3}0.536{col 67}{space 4}-1.158793{col 80}{space 3} .5257175
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-1.825211{col 39}{space 2} .5461602{col 50}{space 1}   -3.34{col 59}{space 3}0.001{col 67}{space 4}-2.723565{col 80}{space 3}-.9268574
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.8706284{col 39}{space 2} .5317187{col 50}{space 1}   -1.64{col 59}{space 3}0.102{col 67}{space 4}-1.745228{col 80}{space 3} .0039711
{txt}{space 23}7  {c |}{col 27}{res}{space 2}-.6175995{col 39}{space 2}   .14891{col 50}{space 1}   -4.15{col 59}{space 3}0.000{col 67}{space 4}-.8625347{col 80}{space 3}-.3726643
{txt}{space 23}8  {c |}{col 27}{res}{space 2}-2.641987{col 39}{space 2} .8312422{col 50}{space 1}   -3.18{col 59}{space 3}0.001{col 67}{space 4}-4.009259{col 80}{space 3}-1.274715
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .4209138{col 39}{space 2} .2087848{col 50}{space 1}    2.02{col 59}{space 3}0.044{col 67}{space 4} .0774934{col 80}{space 3} .7643341
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0096113{col 39}{space 2} .0038432{col 50}{space 1}   -2.50{col 59}{space 3}0.012{col 67}{space 4}-.0159329{col 80}{space 3}-.0032898
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} .8457009{col 39}{space 2} 1.826589{col 50}{space 1}    0.46{col 59}{space 3}0.643{col 67}{space 4}-2.158771{col 80}{space 3} 3.850172
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-5.905173{col 39}{space 2} .9846323{col 50}{space 1}   -6.00{col 59}{space 3}0.000{col 67}{space 4}-7.524749{col 80}{space 3}-4.285597
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 4.554005{col 39}{space 2} 1.033834{col 50}{space 1}    4.40{col 59}{space 3}0.000{col 67}{space 4}   2.8535{col 80}{space 3} 6.254511
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-14.94541{col 39}{space 2} 2.883104{col 50}{space 1}   -5.18{col 59}{space 3}0.000{col 67}{space 4} -19.6877{col 80}{space 3}-10.20313
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 3.23e-07{col 39}{space 2} 9.31e-07{col 67}{space 4} 2.82e-09{col 80}{space 3} .0000371
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. eststo:  zinb pub_labour_conditions A_government_partisanship d_government_partisanship ldebt lbop linterest  M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}15{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-112.5741                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .3311024{col 39}{space 2} .1360478{col 50}{space 1}    2.43{col 59}{space 3}0.015{col 67}{space 4} .1073237{col 80}{space 3}  .554881
{txt}d_government_partisanship {c |}{col 27}{res}{space 2} .0092937{col 39}{space 2} .1682413{col 50}{space 1}    0.06{col 59}{space 3}0.956{col 67}{space 4}-.2674386{col 80}{space 3}  .286026
{txt}{space 20}ldebt {c |}{col 27}{res}{space 2}-.0352947{col 39}{space 2} .0085438{col 50}{space 1}   -4.13{col 59}{space 3}0.000{col 67}{space 4} -.049348{col 80}{space 3}-.0212413
{txt}{space 21}lbop {c |}{col 27}{res}{space 2}-.0055304{col 39}{space 2} .0526915{col 50}{space 1}   -0.10{col 59}{space 3}0.916{col 67}{space 4}-.0922002{col 80}{space 3} .0811395
{txt}{space 16}linterest {c |}{col 27}{res}{space 2}-.0329768{col 39}{space 2} .0492812{col 50}{space 1}   -0.67{col 59}{space 3}0.503{col 67}{space 4}-.1140371{col 80}{space 3} .0480835
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2}  .075541{col 39}{space 2} .0339016{col 50}{space 1}    2.23{col 59}{space 3}0.026{col 67}{space 4} .0197779{col 80}{space 3} .1313041
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0253249{col 39}{space 2} .0252452{col 50}{space 1}    1.00{col 59}{space 3}0.316{col 67}{space 4}-.0161998{col 80}{space 3} .0668496
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1133388{col 39}{space 2} .1715905{col 50}{space 1}    0.66{col 59}{space 3}0.509{col 67}{space 4}-.1689024{col 80}{space 3}   .39558
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} 2.644516{col 39}{space 2} .7501268{col 50}{space 1}    3.53{col 59}{space 3}0.000{col 67}{space 4} 1.410667{col 80}{space 3} 3.878365
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-15.50126{col 39}{space 2} 1.131428{col 50}{space 1}  -13.70{col 59}{space 3}0.000{col 67}{space 4}-17.36229{col 80}{space 3}-13.64022
{txt}{space 23}4  {c |}{col 27}{res}{space 2} .1849601{col 39}{space 2} .4300137{col 50}{space 1}    0.43{col 59}{space 3}0.667{col 67}{space 4}-.5223495{col 80}{space 3} .8922697
{txt}{space 23}5  {c |}{col 27}{res}{space 2}-1.159292{col 39}{space 2} .7369328{col 50}{space 1}   -1.57{col 59}{space 3}0.116{col 67}{space 4}-2.371439{col 80}{space 3} .0528545
{txt}{space 23}6  {c |}{col 27}{res}{space 2}-.1367837{col 39}{space 2}  .222505{col 50}{space 1}   -0.61{col 59}{space 3}0.539{col 67}{space 4}-.5027718{col 80}{space 3} .2292045
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .9765443{col 39}{space 2}  .183778{col 50}{space 1}    5.31{col 59}{space 3}0.000{col 67}{space 4} .6742564{col 80}{space 3} 1.278832
{txt}{space 23}8  {c |}{col 27}{res}{space 2} -.516874{col 39}{space 2} .5850709{col 50}{space 1}   -0.88{col 59}{space 3}0.377{col 67}{space 4} -1.47923{col 80}{space 3}  .445482
{txt}{space 25} {c |}
{space 20}_cons {c |}{col 27}{res}{space 2} .0432342{col 39}{space 2} 1.160083{col 50}{space 1}    0.04{col 59}{space 3}0.970{col 67}{space 4}-1.864932{col 80}{space 3}   1.9514
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-33.72843{col 39}{space 2} 2.979095{col 50}{space 1}  -11.32{col 59}{space 3}0.000{col 67}{space 4} -38.6286{col 80}{space 3}-28.82825
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 3.046841{col 39}{space 2} 1.021557{col 50}{space 1}    2.98{col 59}{space 3}0.003{col 67}{space 4} 1.366531{col 80}{space 3} 4.727152
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-.9685432{col 39}{space 2} .8930879{col 50}{space 1}   -1.08{col 59}{space 3}0.278{col 67}{space 4}-2.437542{col 80}{space 3} .5004556
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} .3796357{col 39}{space 2}  .339048{col 67}{space 4} .0873754{col 80}{space 3} 1.649473
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est3{txt} stored)

{com}. eststo:  zinb pub_labour_conditions A_government_partisanship d_government_partisanship ldebt lbop linterest  M_sovereign_debt M_bop M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq, inflate(ongoing_bailout _cons) cluster(country_id) nolog level(90)

{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}17{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-103.8156                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}    pub_labour_conditions{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [90% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions     {txt}{c |}
A_government_partisanship {c |}{col 27}{res}{space 2} .4783278{col 39}{space 2} .0921308{col 50}{space 1}    5.19{col 59}{space 3}0.000{col 67}{space 4} .3267862{col 80}{space 3} .6298694
{txt}d_government_partisanship {c |}{col 27}{res}{space 2}-.1665249{col 39}{space 2}  .164931{col 50}{space 1}   -1.01{col 59}{space 3}0.313{col 67}{space 4}-.4378122{col 80}{space 3} .1047625
{txt}{space 20}ldebt {c |}{col 27}{res}{space 2} -.000078{col 39}{space 2} .0370289{col 50}{space 1}   -0.00{col 59}{space 3}0.998{col 67}{space 4}-.0609851{col 80}{space 3}  .060829
{txt}{space 21}lbop {c |}{col 27}{res}{space 2}-.0185787{col 39}{space 2} .0213748{col 50}{space 1}   -0.87{col 59}{space 3}0.385{col 67}{space 4}-.0537371{col 80}{space 3} .0165797
{txt}{space 16}linterest {c |}{col 27}{res}{space 2}-.0500367{col 39}{space 2} .0794472{col 50}{space 1}   -0.63{col 59}{space 3}0.529{col 67}{space 4}-.1807157{col 80}{space 3} .0806423
{txt}{space 9}M_sovereign_debt {c |}{col 27}{res}{space 2} .0485041{col 39}{space 2} .0329719{col 50}{space 1}    1.47{col 59}{space 3}0.141{col 67}{space 4}-.0057299{col 80}{space 3} .1027381
{txt}{space 20}M_bop {c |}{col 27}{res}{space 2} .0374593{col 39}{space 2} .0225056{col 50}{space 1}    1.66{col 59}{space 3}0.096{col 67}{space 4} .0004409{col 80}{space 3} .0744777
{txt}M_sovereign_interest_rate {c |}{col 27}{res}{space 2} .1332814{col 39}{space 2} .1840021{col 50}{space 1}    0.72{col 59}{space 3}0.469{col 67}{space 4}-.1693751{col 80}{space 3}  .435938
{txt}{space 25} {c |}
{space 15}country_id {c |}
{space 23}2  {c |}{col 27}{res}{space 2} .8312957{col 39}{space 2}  1.92894{col 50}{space 1}    0.43{col 59}{space 3}0.666{col 67}{space 4}-2.341528{col 80}{space 3}  4.00412
{txt}{space 23}3  {c |}{col 27}{res}{space 2}-21.07977{col 39}{space 2} 1.398835{col 50}{space 1}  -15.07{col 59}{space 3}0.000{col 67}{space 4}-23.38065{col 80}{space 3}-18.77889
{txt}{space 23}4  {c |}{col 27}{res}{space 2} 3.239835{col 39}{space 2} .9641371{col 50}{space 1}    3.36{col 59}{space 3}0.001{col 67}{space 4} 1.653971{col 80}{space 3} 4.825699
{txt}{space 23}5  {c |}{col 27}{res}{space 2} .5022431{col 39}{space 2} 1.745545{col 50}{space 1}    0.29{col 59}{space 3}0.774{col 67}{space 4}-2.368923{col 80}{space 3}  3.37341
{txt}{space 23}6  {c |}{col 27}{res}{space 2} .6671335{col 39}{space 2} .3219919{col 50}{space 1}    2.07{col 59}{space 3}0.038{col 67}{space 4} .1375039{col 80}{space 3} 1.196763
{txt}{space 23}7  {c |}{col 27}{res}{space 2} .7009853{col 39}{space 2} .3899609{col 50}{space 1}    1.80{col 59}{space 3}0.072{col 67}{space 4} .0595567{col 80}{space 3} 1.342414
{txt}{space 23}8  {c |}{col 27}{res}{space 2} 1.749471{col 39}{space 2} 2.227313{col 50}{space 1}    0.79{col 59}{space 3}0.432{col 67}{space 4}-1.914134{col 80}{space 3} 5.413075
{txt}{space 25} {c |}
{space 15}quarter_id {c |}{col 27}{res}{space 2} .6992084{col 39}{space 2} .2221848{col 50}{space 1}    3.15{col 59}{space 3}0.002{col 67}{space 4} .3337469{col 80}{space 3}  1.06467
{txt}{space 12}quarter_id_sq {c |}{col 27}{res}{space 2}-.0215476{col 39}{space 2} .0048028{col 50}{space 1}   -4.49{col 59}{space 3}0.000{col 67}{space 4}-.0294475{col 80}{space 3}-.0136476
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-8.654375{col 39}{space 2} 1.404289{col 50}{space 1}   -6.16{col 59}{space 3}0.000{col 67}{space 4}-10.96423{col 80}{space 3}-6.344525
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                   {txt}{c |}
{space 10}ongoing_bailout {c |}{col 27}{res}{space 2}-4.861224{col 39}{space 2} .9866689{col 50}{space 1}   -4.93{col 59}{space 3}0.000{col 67}{space 4} -6.48415{col 80}{space 3}-3.238298
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 2.883961{col 39}{space 2} 1.223317{col 50}{space 1}    2.36{col 59}{space 3}0.018{col 67}{space 4} .8717846{col 80}{space 3} 4.896138
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 /lnalpha {c |}{col 27}{res}{space 2}-12.25516{col 39}{space 2}  12.8856{col 50}{space 1}   -0.95{col 59}{space 3}0.342{col 67}{space 4}-33.45009{col 80}{space 3} 8.939774
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                    alpha{col 27}{c |}{res}{space 2} 4.76e-06{col 39}{space 2} .0000613{col 67}{space 4} 2.97e-15{col 80}{space 3} 7629.473
{txt}{hline 26}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est4{txt} stored)

{com}. esttab , star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 76}
{txt}                      (1)             (2)             (3)             (4)   
{txt}             financial_~s    financial_~s    pub_labour~s    pub_labour~s   
{txt}{hline 76}
{res}main                                                                        {txt}
{txt}A_governme~p{res}       -0.242***       -0.188***        0.331**         0.478***{txt}
            {res} {ralign 12:{txt:(}0.0498{txt:)}}    {ralign 12:{txt:(}0.0444{txt:)}}    {ralign 12:{txt:(}0.136{txt:)}}    {ralign 12:{txt:(}0.0921{txt:)}}   {txt}

{txt}d_governme~p{res}        0.206***        0.176***      0.00929          -0.167   {txt}
            {res} {ralign 12:{txt:(}0.0595{txt:)}}    {ralign 12:{txt:(}0.0645{txt:)}}    {ralign 12:{txt:(}0.168{txt:)}}    {ralign 12:{txt:(}0.165{txt:)}}   {txt}

{txt}ldebt       {res}      -0.0296***      -0.0331**       -0.0353***   -0.0000780   {txt}
            {res} {ralign 12:{txt:(}0.00893{txt:)}}    {ralign 12:{txt:(}0.0138{txt:)}}    {ralign 12:{txt:(}0.00854{txt:)}}    {ralign 12:{txt:(}0.0370{txt:)}}   {txt}

{txt}lbop        {res}      -0.0318         -0.0386        -0.00553         -0.0186   {txt}
            {res} {ralign 12:{txt:(}0.0269{txt:)}}    {ralign 12:{txt:(}0.0283{txt:)}}    {ralign 12:{txt:(}0.0527{txt:)}}    {ralign 12:{txt:(}0.0214{txt:)}}   {txt}

{txt}linterest   {res}       0.0386         0.00203         -0.0330         -0.0500   {txt}
            {res} {ralign 12:{txt:(}0.0263{txt:)}}    {ralign 12:{txt:(}0.0340{txt:)}}    {ralign 12:{txt:(}0.0493{txt:)}}    {ralign 12:{txt:(}0.0794{txt:)}}   {txt}

{txt}M_soverei~bt{res}       0.0319***       0.0338***       0.0755**        0.0485   {txt}
            {res} {ralign 12:{txt:(}0.0105{txt:)}}    {ralign 12:{txt:(}0.0120{txt:)}}    {ralign 12:{txt:(}0.0339{txt:)}}    {ralign 12:{txt:(}0.0330{txt:)}}   {txt}

{txt}M_bop       {res}      0.00326         0.00789          0.0253          0.0375*  {txt}
            {res} {ralign 12:{txt:(}0.0279{txt:)}}    {ralign 12:{txt:(}0.0248{txt:)}}    {ralign 12:{txt:(}0.0252{txt:)}}    {ralign 12:{txt:(}0.0225{txt:)}}   {txt}

{txt}M_sovereig~e{res}       -0.159          -0.101           0.113           0.133   {txt}
            {res} {ralign 12:{txt:(}0.120{txt:)}}    {ralign 12:{txt:(}0.0907{txt:)}}    {ralign 12:{txt:(}0.172{txt:)}}    {ralign 12:{txt:(}0.184{txt:)}}   {txt}

{txt}1.country_id{res}            0               0               0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       0.0247           0.552           2.645***        0.831   {txt}
            {res} {ralign 12:{txt:(}0.763{txt:)}}    {ralign 12:{txt:(}0.942{txt:)}}    {ralign 12:{txt:(}0.750{txt:)}}    {ralign 12:{txt:(}1.929{txt:)}}   {txt}

{txt}3.country_id{res}        0.528***        0.237          -15.50***       -21.08***{txt}
            {res} {ralign 12:{txt:(}0.100{txt:)}}    {ralign 12:{txt:(}0.513{txt:)}}    {ralign 12:{txt:(}1.131{txt:)}}    {ralign 12:{txt:(}1.399{txt:)}}   {txt}

{txt}4.country_id{res}       -0.541***       -0.317           0.185           3.240***{txt}
            {res} {ralign 12:{txt:(}0.141{txt:)}}    {ralign 12:{txt:(}0.512{txt:)}}    {ralign 12:{txt:(}0.430{txt:)}}    {ralign 12:{txt:(}0.964{txt:)}}   {txt}

{txt}5.country_id{res}       -2.075***       -1.825***       -1.159           0.502   {txt}
            {res} {ralign 12:{txt:(}0.448{txt:)}}    {ralign 12:{txt:(}0.546{txt:)}}    {ralign 12:{txt:(}0.737{txt:)}}    {ralign 12:{txt:(}1.746{txt:)}}   {txt}

{txt}6.country_id{res}       -1.818***       -0.871          -0.137           0.667** {txt}
            {res} {ralign 12:{txt:(}0.167{txt:)}}    {ralign 12:{txt:(}0.532{txt:)}}    {ralign 12:{txt:(}0.223{txt:)}}    {ralign 12:{txt:(}0.322{txt:)}}   {txt}

{txt}7.country_id{res}       -0.604***       -0.618***        0.977***        0.701*  {txt}
            {res} {ralign 12:{txt:(}0.132{txt:)}}    {ralign 12:{txt:(}0.149{txt:)}}    {ralign 12:{txt:(}0.184{txt:)}}    {ralign 12:{txt:(}0.390{txt:)}}   {txt}

{txt}8.country_id{res}       -2.685***       -2.642***       -0.517           1.749   {txt}
            {res} {ralign 12:{txt:(}0.480{txt:)}}    {ralign 12:{txt:(}0.831{txt:)}}    {ralign 12:{txt:(}0.585{txt:)}}    {ralign 12:{txt:(}2.227{txt:)}}   {txt}

{txt}quarter_id  {res}                        0.421**                         0.699***{txt}
            {res}                 {ralign 12:{txt:(}0.209{txt:)}}                    {ralign 12:{txt:(}0.222{txt:)}}   {txt}

{txt}quarter_id~q{res}                     -0.00961**                       -0.0215***{txt}
            {res}                 {ralign 12:{txt:(}0.00384{txt:)}}                    {ralign 12:{txt:(}0.00480{txt:)}}   {txt}

{txt}_cons       {res}        5.096***        0.846          0.0432          -8.654***{txt}
            {res} {ralign 12:{txt:(}1.072{txt:)}}    {ralign 12:{txt:(}1.827{txt:)}}    {ralign 12:{txt:(}1.160{txt:)}}    {ralign 12:{txt:(}1.404{txt:)}}   {txt}
{hline 76}
{res}inflate                                                                     {txt}
{txt}ongoing_ba~t{res}       -5.828***       -5.905***       -33.73***       -4.861***{txt}
            {res} {ralign 12:{txt:(}0.968{txt:)}}    {ralign 12:{txt:(}0.985{txt:)}}    {ralign 12:{txt:(}2.979{txt:)}}    {ralign 12:{txt:(}0.987{txt:)}}   {txt}

{txt}_cons       {res}        4.607***        4.554***        3.047***        2.884** {txt}
            {res} {ralign 12:{txt:(}1.033{txt:)}}    {ralign 12:{txt:(}1.034{txt:)}}    {ralign 12:{txt:(}1.022{txt:)}}    {ralign 12:{txt:(}1.223{txt:)}}   {txt}
{hline 76}
{res}lnalpha                                                                     {txt}
{txt}_cons       {res}       -16.47***       -14.95***       -0.969          -12.26   {txt}
            {res} {ralign 12:{txt:(}2.233{txt:)}}    {ralign 12:{txt:(}2.883{txt:)}}    {ralign 12:{txt:(}0.893{txt:)}}    {ralign 12:{txt:(}12.89{txt:)}}   {txt}
{txt}{hline 76}
{txt}aic         {res}        383.1           372.1           241.1           223.6   {txt}
{txt}N           {res}          224             224             224             224   {txt}
{txt}N_zero      {res}          154             154             181             181   {txt}
{txt}N_clust     {res}            8               8               8               8   {txt}
{txt}{hline 76}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
. * Table A.17 -  Interactions between government partisanship and macroeconomic covariates
. eststo:  zinb financial_conditions c.A_government_partisanship##c.M_sovereign_debt c.A_government_partisanship##c.M_bop c.A_government_partisanship##c.M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq , inflate(ongoing_bailout _cons) cluster(country_id)  level(90)
{txt}note: A_government_partisanship omitted because of collinearity
note: A_government_partisanship omitted because of collinearity

Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-298.90516}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-247.92902}  
Iteration 2:{space 3}log pseudolikelihood = {res:-225.90838}  
Iteration 3:{space 3}log pseudolikelihood = {res:-216.62187}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:-215.52507}  
Iteration 5:{space 3}log pseudolikelihood = {res:-214.99328}  
Iteration 6:{space 3}log pseudolikelihood = {res:-214.98828}  
Iteration 7:{space 3}log pseudolikelihood = {res:-214.98828}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-214.98828}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-202.77465}  
Iteration 2:{space 3}log pseudolikelihood = {res:-198.00275}  
Iteration 3:{space 3}log pseudolikelihood = {res:-184.99232}  
Iteration 4:{space 3}log pseudolikelihood = {res:-184.43821}  
Iteration 5:{space 3}log pseudolikelihood = {res:-184.41943}  
Iteration 6:{space 3}log pseudolikelihood = {res:-184.41886}  
Iteration 7:{space 3}log pseudolikelihood = {res:-184.41885}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       70
                                                  {txt}Zero obs        =  {res}      154

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}16{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-184.4189                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 112:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 47}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 48}{c |}{col 60}    Robust
{col 1}                          financial_conditions{col 48}{c |}      Coef.{col 60}   Std. Err.{col 72}      z{col 80}   P>|z|{col 88}     [90% Con{col 101}f. Interval]
{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}financial_conditions                           {txt}{c |}
{space 21}A_government_partisanship {c |}{col 48}{res}{space 2}-.1721774{col 60}{space 2} .0807621{col 71}{space 1}   -2.13{col 80}{space 3}0.033{col 88}{space 4}-.3050191{col 101}{space 3}-.0393356
{txt}{space 30}M_sovereign_debt {c |}{col 48}{res}{space 2} .0085011{col 60}{space 2} .0413316{col 71}{space 1}    0.21{col 80}{space 3}0.837{col 88}{space 4}-.0594833{col 101}{space 3} .0764855
{txt}{space 46} {c |}
c.A_government_partisanship#c.M_sovereign_debt {c |}{col 48}{res}{space 2} .0009201{col 60}{space 2} .0064477{col 71}{space 1}    0.14{col 80}{space 3}0.887{col 88}{space 4}-.0096854{col 101}{space 3} .0115255
{txt}{space 46} {c |}
{space 21}A_government_partisanship {c |}{col 48}{res}{space 2}        0{col 60}{txt}  (omitted)
{space 41}M_bop {c |}{col 48}{res}{space 2}-.0166292{col 60}{space 2} .0703418{col 71}{space 1}   -0.24{col 80}{space 3}0.813{col 88}{space 4}-.1323312{col 101}{space 3} .0990727
{txt}{space 46} {c |}
{space 11}c.A_government_partisanship#c.M_bop {c |}{col 48}{res}{space 2} .0018595{col 60}{space 2} .0101611{col 71}{space 1}    0.18{col 80}{space 3}0.855{col 88}{space 4} -.014854{col 101}{space 3} .0185731
{txt}{space 46} {c |}
{space 21}A_government_partisanship {c |}{col 48}{res}{space 2}        0{col 60}{txt}  (omitted)
{space 21}M_sovereign_interest_rate {c |}{col 48}{res}{space 2}-.2258153{col 60}{space 2} .4364282{col 71}{space 1}   -0.52{col 80}{space 3}0.605{col 88}{space 4}-.9436758{col 101}{space 3} .4920453
{txt}{space 46} {c |}
{space 19}c.A_government_partisanship#{c |}
{space 19}c.M_sovereign_interest_rate {c |}{col 48}{res}{space 2} .0299348{col 60}{space 2} .0699745{col 71}{space 1}    0.43{col 80}{space 3}0.669{col 88}{space 4}-.0851631{col 101}{space 3} .1450327
{txt}{space 46} {c |}
{space 36}country_id {c |}
{space 44}2  {c |}{col 48}{res}{space 2} -1.03689{col 60}{space 2} .1556234{col 71}{space 1}   -6.66{col 80}{space 3}0.000{col 88}{space 4}-1.292868{col 101}{space 3}-.7809125
{txt}{space 44}3  {c |}{col 48}{res}{space 2} 1.366924{col 60}{space 2} .1625606{col 71}{space 1}    8.41{col 80}{space 3}0.000{col 88}{space 4} 1.099535{col 101}{space 3} 1.634312
{txt}{space 44}4  {c |}{col 48}{res}{space 2} 1.298446{col 60}{space 2} .3151687{col 71}{space 1}    4.12{col 80}{space 3}0.000{col 88}{space 4} .7800396{col 101}{space 3} 1.816852
{txt}{space 44}5  {c |}{col 48}{res}{space 2}-.5618181{col 60}{space 2}  .218933{col 71}{space 1}   -2.57{col 80}{space 3}0.010{col 88}{space 4}-.9219309{col 101}{space 3}-.2017054
{txt}{space 44}6  {c |}{col 48}{res}{space 2}-1.261919{col 60}{space 2} .4621439{col 71}{space 1}   -2.73{col 80}{space 3}0.006{col 88}{space 4}-2.022078{col 101}{space 3}-.5017598
{txt}{space 44}7  {c |}{col 48}{res}{space 2}-.6920087{col 60}{space 2} .1012055{col 71}{space 1}   -6.84{col 80}{space 3}0.000{col 88}{space 4} -.858477{col 101}{space 3}-.5255405
{txt}{space 44}8  {c |}{col 48}{res}{space 2}-.3406529{col 60}{space 2} .1022785{col 71}{space 1}   -3.33{col 80}{space 3}0.001{col 88}{space 4} -.508886{col 101}{space 3}-.1724198
{txt}{space 46} {c |}
{space 36}quarter_id {c |}{col 48}{res}{space 2}  .226381{col 60}{space 2} .1444223{col 71}{space 1}    1.57{col 80}{space 3}0.117{col 88}{space 4}-.0111725{col 101}{space 3} .4639345
{txt}{space 33}quarter_id_sq {c |}{col 48}{res}{space 2}  -.00781{col 60}{space 2} .0031968{col 71}{space 1}   -2.44{col 80}{space 3}0.015{col 88}{space 4}-.0130683{col 101}{space 3}-.0025518
{txt}{space 41}_cons {c |}{col 48}{res}{space 2} 1.064768{col 60}{space 2} 1.716547{col 71}{space 1}    0.62{col 80}{space 3}0.535{col 88}{space 4}  -1.7587{col 101}{space 3} 3.888236
{txt}{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                                        {txt}{c |}
{space 31}ongoing_bailout {c |}{col 48}{res}{space 2}-5.801133{col 60}{space 2} .9931529{col 71}{space 1}   -5.84{col 80}{space 3}0.000{col 88}{space 4}-7.434724{col 101}{space 3}-4.167542
{txt}{space 41}_cons {c |}{col 48}{res}{space 2} 4.508135{col 60}{space 2}  1.05044{col 71}{space 1}    4.29{col 80}{space 3}0.000{col 88}{space 4} 2.780315{col 101}{space 3} 6.235956
{txt}{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                      /lnalpha {c |}{col 48}{res}{space 2}-3.975903{col 60}{space 2} 2.713106{col 71}{space 1}   -1.47{col 80}{space 3}0.143{col 88}{space 4}-8.438566{col 101}{space 3} .4867597
{txt}{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                                         alpha{col 48}{c |}{res}{space 2} .0187623{col 60}{space 2} .0509042{col 88}{space 4} .0002164{col 101}{space 3} 1.627036
{txt}{hline 47}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est1{txt} stored)

{com}. eststo:  zinb pub_labour_conditions c.A_government_partisanship##c.M_sovereign_debt c.A_government_partisanship##c.M_bop c.A_government_partisanship##c.M_sovereign_interest_rate i.country_id quarter_id quarter_id_sq , inflate( ongoing_bailout _cons) cluster(country_id)  level(90)
{txt}note: A_government_partisanship omitted because of collinearity
note: A_government_partisanship omitted because of collinearity

Fitting constant-only model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res: -169.1594}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res: -148.7821}  (not concave)
Iteration 2:{space 3}log pseudolikelihood = {res: -133.8916}  
Iteration 3:{space 3}log pseudolikelihood = {res:-131.41619}  
Iteration 4:{space 3}log pseudolikelihood = {res:-131.30298}  
Iteration 5:{space 3}log pseudolikelihood = {res:-131.14943}  
Iteration 6:{space 3}log pseudolikelihood = {res:-131.14124}  
Iteration 7:{space 3}log pseudolikelihood = {res:-131.11145}  
Iteration 8:{space 3}log pseudolikelihood = {res:-131.10608}  
Iteration 9:{space 3}log pseudolikelihood = {res:-131.10319}  
Iteration 10:{space 2}log pseudolikelihood = {res:-131.10236}  
Iteration 11:{space 2}log pseudolikelihood = {res:-131.10211}  
Iteration 12:{space 2}log pseudolikelihood = {res:-131.10206}  
Iteration 13:{space 2}log pseudolikelihood = {res:-131.10205}  
{res}
{txt}Fitting full model:
{res}
{txt}Iteration 0:{space 3}log pseudolikelihood = {res:-131.10205}  (not concave)
Iteration 1:{space 3}log pseudolikelihood = {res:-117.33224}  
Iteration 2:{space 3}log pseudolikelihood = {res:-107.72218}  (not concave)
Iteration 3:{space 3}log pseudolikelihood = {res:-107.07703}  (not concave)
Iteration 4:{space 3}log pseudolikelihood = {res:  -104.464}  (not concave)
Iteration 5:{space 3}log pseudolikelihood = {res:-104.07375}  (not concave)
Iteration 6:{space 3}log pseudolikelihood = {res:-103.93032}  (not concave)
Iteration 7:{space 3}log pseudolikelihood = {res:-103.54835}  
Iteration 8:{space 3}log pseudolikelihood = {res:-102.32844}  
Iteration 9:{space 3}log pseudolikelihood = {res:-102.01993}  
Iteration 10:{space 2}log pseudolikelihood = {res:-101.97195}  
Iteration 11:{space 2}log pseudolikelihood = {res:-101.96096}  
Iteration 12:{space 2}log pseudolikelihood = {res:-101.95832}  
Iteration 13:{space 2}log pseudolikelihood = {res:-101.95776}  
Iteration 14:{space 2}log pseudolikelihood = {res:-101.95764}  
Iteration 15:{space 2}log pseudolikelihood = {res:-101.95761}  
Iteration 16:{space 2}log pseudolikelihood = {res:-101.95761}  
{res}
{txt}Zero-inflated negative binomial regression        Number of obs   =  {res}      224
                                                  {txt}Nonzero obs     =  {res}       43
                                                  {txt}Zero obs        =  {res}      181

{txt}Inflation model      = {res}logit                      {txt}Wald chi2({res}16{txt})   =  {res}        .
{txt}Log pseudolikelihood = {res}-101.9576                  {txt}Prob > chi2     =  {res}        .

{txt}{ralign 112:(Std. Err. adjusted for {res:8} clusters in country_id)}
{hline 47}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 48}{c |}{col 60}    Robust
{col 1}                         pub_labour_conditions{col 48}{c |}      Coef.{col 60}   Std. Err.{col 72}      z{col 80}   P>|z|{col 88}     [90% Con{col 101}f. Interval]
{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}pub_labour_conditions                          {txt}{c |}
{space 21}A_government_partisanship {c |}{col 48}{res}{space 2} .7157267{col 60}{space 2} .0741128{col 71}{space 1}    9.66{col 80}{space 3}0.000{col 88}{space 4}  .593822{col 101}{space 3} .8376314
{txt}{space 30}M_sovereign_debt {c |}{col 48}{res}{space 2} .4400096{col 60}{space 2} .1313332{col 71}{space 1}    3.35{col 80}{space 3}0.001{col 88}{space 4} .2239858{col 101}{space 3} .6560335
{txt}{space 46} {c |}
c.A_government_partisanship#c.M_sovereign_debt {c |}{col 48}{res}{space 2} -.064148{col 60}{space 2}  .019591{col 71}{space 1}   -3.27{col 80}{space 3}0.001{col 88}{space 4}-.0963724{col 101}{space 3}-.0319237
{txt}{space 46} {c |}
{space 21}A_government_partisanship {c |}{col 48}{res}{space 2}        0{col 60}{txt}  (omitted)
{space 41}M_bop {c |}{col 48}{res}{space 2} .0417455{col 60}{space 2}  .117472{col 71}{space 1}    0.36{col 80}{space 3}0.722{col 88}{space 4}-.1514787{col 101}{space 3} .2349697
{txt}{space 46} {c |}
{space 11}c.A_government_partisanship#c.M_bop {c |}{col 48}{res}{space 2}-.0022492{col 60}{space 2} .0153331{col 71}{space 1}   -0.15{col 80}{space 3}0.883{col 88}{space 4}-.0274699{col 101}{space 3} .0229714
{txt}{space 46} {c |}
{space 21}A_government_partisanship {c |}{col 48}{res}{space 2}        0{col 60}{txt}  (omitted)
{space 21}M_sovereign_interest_rate {c |}{col 48}{res}{space 2}-.9901883{col 60}{space 2} .6322275{col 71}{space 1}   -1.57{col 80}{space 3}0.117{col 88}{space 4} -2.03011{col 101}{space 3} .0497335
{txt}{space 46} {c |}
{space 19}c.A_government_partisanship#{c |}
{space 19}c.M_sovereign_interest_rate {c |}{col 48}{res}{space 2} .1743451{col 60}{space 2} .1045496{col 71}{space 1}    1.67{col 80}{space 3}0.095{col 88}{space 4} .0023763{col 101}{space 3} .3463138
{txt}{space 46} {c |}
{space 36}country_id {c |}
{space 44}2  {c |}{col 48}{res}{space 2} 1.001454{col 60}{space 2} .1447053{col 71}{space 1}    6.92{col 80}{space 3}0.000{col 88}{space 4} .7634352{col 101}{space 3} 1.239473
{txt}{space 44}3  {c |}{col 48}{res}{space 2}-16.98466{col 60}{space 2} 1.095482{col 71}{space 1}  -15.50{col 80}{space 3}0.000{col 88}{space 4}-18.78657{col 101}{space 3}-15.18275
{txt}{space 44}4  {c |}{col 48}{res}{space 2} 3.074143{col 60}{space 2} .8298658{col 71}{space 1}    3.70{col 80}{space 3}0.000{col 88}{space 4} 1.709135{col 101}{space 3} 4.439151
{txt}{space 44}5  {c |}{col 48}{res}{space 2} .0332952{col 60}{space 2} .2224832{col 71}{space 1}    0.15{col 80}{space 3}0.881{col 88}{space 4}-.3326571{col 101}{space 3} .3992475
{txt}{space 44}6  {c |}{col 48}{res}{space 2} .2644439{col 60}{space 2} .2254925{col 71}{space 1}    1.17{col 80}{space 3}0.241{col 88}{space 4}-.1064582{col 101}{space 3}  .635346
{txt}{space 44}7  {c |}{col 48}{res}{space 2}  .659269{col 60}{space 2} .1038754{col 71}{space 1}    6.35{col 80}{space 3}0.000{col 88}{space 4} .4884092{col 101}{space 3} .8301289
{txt}{space 44}8  {c |}{col 48}{res}{space 2} 1.916109{col 60}{space 2} .3026715{col 71}{space 1}    6.33{col 80}{space 3}0.000{col 88}{space 4} 1.418259{col 101}{space 3}  2.41396
{txt}{space 46} {c |}
{space 36}quarter_id {c |}{col 48}{res}{space 2} .5240898{col 60}{space 2} .2174927{col 71}{space 1}    2.41{col 80}{space 3}0.016{col 88}{space 4} .1663461{col 101}{space 3} .8818335
{txt}{space 33}quarter_id_sq {c |}{col 48}{res}{space 2}-.0174592{col 60}{space 2} .0062366{col 71}{space 1}   -2.80{col 80}{space 3}0.005{col 88}{space 4}-.0277174{col 101}{space 3}-.0072009
{txt}{space 41}_cons {c |}{col 48}{res}{space 2}-8.618023{col 60}{space 2} 1.793219{col 71}{space 1}   -4.81{col 80}{space 3}0.000{col 88}{space 4}-11.56761{col 101}{space 3} -5.66844
{txt}{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}inflate                                        {txt}{c |}
{space 31}ongoing_bailout {c |}{col 48}{res}{space 2}-4.561732{col 60}{space 2} .8632499{col 71}{space 1}   -5.28{col 80}{space 3}0.000{col 88}{space 4}-5.981652{col 101}{space 3}-3.141812
{txt}{space 41}_cons {c |}{col 48}{res}{space 2} 2.745264{col 60}{space 2} 1.313266{col 71}{space 1}    2.09{col 80}{space 3}0.037{col 88}{space 4} .5851331{col 101}{space 3} 4.905395
{txt}{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                      /lnalpha {c |}{col 48}{res}{space 2}-15.98825{col 60}{space 2}  .503783{col 71}{space 1}  -31.74{col 80}{space 3}0.000{col 88}{space 4} -16.8169{col 101}{space 3} -15.1596
{txt}{hline 47}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}                                         alpha{col 48}{c |}{res}{space 2} 1.14e-07{col 60}{space 2} 5.74e-08{col 88}{space 4} 4.97e-08{col 101}{space 3} 2.61e-07
{txt}{hline 47}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
({res}est2{txt} stored)

{com}. esttab, star(* 0.1 ** 0.05 *** 0.01) se stats(aic N N_zero N_clust)  
{res}
{txt}{hline 44}
{txt}                      (1)             (2)   
{txt}             financial_~s    pub_labour~s   
{txt}{hline 44}
{res}main                                        {txt}
{txt}A_governme~p{res}       -0.172**         0.716***{txt}
            {res} {ralign 12:{txt:(}0.0808{txt:)}}    {ralign 12:{txt:(}0.0741{txt:)}}   {txt}

{txt}M_soverei~bt{res}      0.00850           0.440***{txt}
            {res} {ralign 12:{txt:(}0.0413{txt:)}}    {ralign 12:{txt:(}0.131{txt:)}}   {txt}

{txt}c.A_govern~o{res}     0.000920         -0.0641***{txt}
            {res} {ralign 12:{txt:(}0.00645{txt:)}}    {ralign 12:{txt:(}0.0196{txt:)}}   {txt}

{txt}A_governme~p{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}M_bop       {res}      -0.0166          0.0417   {txt}
            {res} {ralign 12:{txt:(}0.0703{txt:)}}    {ralign 12:{txt:(}0.117{txt:)}}   {txt}

{txt}c.A_govern~o{res}      0.00186        -0.00225   {txt}
            {res} {ralign 12:{txt:(}0.0102{txt:)}}    {ralign 12:{txt:(}0.0153{txt:)}}   {txt}

{txt}A_governme~p{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}M_sovereig~e{res}       -0.226          -0.990   {txt}
            {res} {ralign 12:{txt:(}0.436{txt:)}}    {ralign 12:{txt:(}0.632{txt:)}}   {txt}

{txt}c.A_govern~o{res}       0.0299           0.174*  {txt}
            {res} {ralign 12:{txt:(}0.0700{txt:)}}    {ralign 12:{txt:(}0.105{txt:)}}   {txt}

{txt}1.country_id{res}            0               0   {txt}
            {res} {ralign 12:{txt:(}.{txt:)}}    {ralign 12:{txt:(}.{txt:)}}   {txt}

{txt}2.country_id{res}       -1.037***        1.001***{txt}
            {res} {ralign 12:{txt:(}0.156{txt:)}}    {ralign 12:{txt:(}0.145{txt:)}}   {txt}

{txt}3.country_id{res}        1.367***       -16.98***{txt}
            {res} {ralign 12:{txt:(}0.163{txt:)}}    {ralign 12:{txt:(}1.095{txt:)}}   {txt}

{txt}4.country_id{res}        1.298***        3.074***{txt}
            {res} {ralign 12:{txt:(}0.315{txt:)}}    {ralign 12:{txt:(}0.830{txt:)}}   {txt}

{txt}5.country_id{res}       -0.562**        0.0333   {txt}
            {res} {ralign 12:{txt:(}0.219{txt:)}}    {ralign 12:{txt:(}0.222{txt:)}}   {txt}

{txt}6.country_id{res}       -1.262***        0.264   {txt}
            {res} {ralign 12:{txt:(}0.462{txt:)}}    {ralign 12:{txt:(}0.225{txt:)}}   {txt}

{txt}7.country_id{res}       -0.692***        0.659***{txt}
            {res} {ralign 12:{txt:(}0.101{txt:)}}    {ralign 12:{txt:(}0.104{txt:)}}   {txt}

{txt}8.country_id{res}       -0.341***        1.916***{txt}
            {res} {ralign 12:{txt:(}0.102{txt:)}}    {ralign 12:{txt:(}0.303{txt:)}}   {txt}

{txt}quarter_id  {res}        0.226           0.524** {txt}
            {res} {ralign 12:{txt:(}0.144{txt:)}}    {ralign 12:{txt:(}0.217{txt:)}}   {txt}

{txt}quarter_id~q{res}     -0.00781**       -0.0175***{txt}
            {res} {ralign 12:{txt:(}0.00320{txt:)}}    {ralign 12:{txt:(}0.00624{txt:)}}   {txt}

{txt}_cons       {res}        1.065          -8.618***{txt}
            {res} {ralign 12:{txt:(}1.717{txt:)}}    {ralign 12:{txt:(}1.793{txt:)}}   {txt}
{hline 44}
{res}inflate                                     {txt}
{txt}ongoing_ba~t{res}       -5.801***       -4.562***{txt}
            {res} {ralign 12:{txt:(}0.993{txt:)}}    {ralign 12:{txt:(}0.863{txt:)}}   {txt}

{txt}_cons       {res}        4.508***        2.745** {txt}
            {res} {ralign 12:{txt:(}1.050{txt:)}}    {ralign 12:{txt:(}1.313{txt:)}}   {txt}
{hline 44}
{res}lnalpha                                     {txt}
{txt}_cons       {res}       -3.976          -15.99***{txt}
            {res} {ralign 12:{txt:(}2.713{txt:)}}    {ralign 12:{txt:(}0.504{txt:)}}   {txt}
{txt}{hline 44}
{txt}aic         {res}        382.8           219.9   {txt}
{txt}N           {res}          224             224   {txt}
{txt}N_zero      {res}          154             181   {txt}
{txt}N_clust     {res}            8               8   {txt}
{txt}{hline 44}
{txt}Standard errors in parentheses
{txt}* p<0.1, ** p<0.05, *** p<0.01

{com}. eststo clear
{txt}
{com}. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}/Users/genovesefederica/Dropbox/bailouts/Submissions/II Final/GenoveseHermidaRivera_ii_replication/GenoveseHermidaRivera_analysis.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}13 May 2022, 11:54:21
{txt}{.-}
{smcl}
{txt}{sf}{ul off}